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>NRF registered solid earnings growth in 9M20, and the momentum should be retained in 4Q20E.</li><li>The firm will enter the earnings upcycle in 2021-2022E thanks to ongoing growth in its primary ethnic food, the rapidly growing trend of plant-based food, and the kick-start of its strategy in the e-commerce business.</li><li>We thus lift the 2021E core earnings by 5% to Bt275mn, with the new target price of Bt7.75, applying PEG of 1.2x.</li></ul>

NRF registered solid earnings growth in 9M20, and the momentum should be retained in 4Q20E.The firm will enter the earnings upcycle in 2021-2022E thanks to ongoing growth in its primary ethnic food, the rapidly growing trend of plant-based food, and the kick-start of its strategy in the e-commerce business.We thus lift the 2021E core earnings by 5% to Bt275mn, with the new target price of Bt7.75, applying PEG of 1.2x.

NR Instant Produce

NR Instant Produce Plc. (NRF)