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>The 1Q24E core profit is expected to have grown 20% YoY and 123% QoQ, driven by overseas sales growth, especially in the Middle East and the US, as well as a stronger gross profit margin YoY and QoQ.</li><li>1H is the peak sales season of the beverage market domestically and in Asia, while 3Q is a good sales season for European and US markets. We maintain our 2024E core profit forecast.</li><li>KTX switches to a Neutral rating, with a fair value of Bt95, based on the earnings yield and a required rate of return of 4.5% (vs. Outperform with a FV of Bt93.32 previously).</li></ul>

The 1Q24E core profit is expected to have grown 20% YoY and 123% QoQ, driven by overseas sales growth, especially in the Middle East and the US, as well as a stronger gross profit margin YoY and QoQ.1H is the peak sales season of the beverage market domestically and in Asia, while 3Q is a good sales season for European and US markets. We maintain our 2024E core profit forecast.KTX switches to a Neutral rating, with a fair value of Bt95, based on the earnings yield and a required rate of return of 4.5% (vs. Outperform with a FV of Bt93.32 previously).

Sappe -1Q24E Sales Growth and Core Profit to Hit New Highs

Sappe Pcl

Sappe -1Q24E Sales Growth and Core Profit to Hit New Highs