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>While RBF revised down the 2023E sales target, the gross profit margin (GPM) is expected to beat our projection.</li><li>The 2H23E earnings are expected to grow YoY and HoH, and the three-year earnings are expected to show a 21% CAGR.</li><li>We thus maintain our Buy rating, with a fair price of Bt12.93/share, based on the earnings yield and a required rate of return of 2.9%.</li></ul>

While RBF revised down the 2023E sales target, the gross profit margin (GPM) is expected to beat our projection.The 2H23E earnings are expected to grow YoY and HoH, and the three-year earnings are expected to show a 21% CAGR.We thus maintain our Buy rating, with a fair price of Bt12.93/share, based on the earnings yield and a required rate of return of 2.9%.

R&B Food Supply

R&B Food Supply Plc. (RBF)