Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E</li><li>Upward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gains</li><li>Maintain a Buy rating on ITC, with a fair price of Bt36.70</li></ul>

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23EUpward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gainsMaintain a Buy rating on ITC, with a fair price of Bt36.70

Yantai China Pet Foods Co Ltd (002891 CH)

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

i-Tail Corporation

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)