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

Sri Trang Agro Industry / Equity Bottom-Up

<ul><li>STA reported a 4Q24 net profit that was below the Bloomberg consensus expectation, likely due to a weaker- than-expected gross profit margin (GPM).</li><li>However, the weak GPM in 4Q24 is considered temporary and has likely been priced into the stock to a certain extent following its sharp decline earlier.</li><li>We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PE of 15.2x.</li></ul>

STA reported a 4Q24 net profit that was below the Bloomberg consensus expectation, likely due to a weaker- than-expected gross profit margin (GPM).However, the weak GPM in 4Q24 is considered temporary and has likely been priced into the stock to a certain extent following its sharp decline earlier.We maintain our Outperform rating with a 2025E fair value of Bt20.12, based on a required return of 6.58%, equivalent to a PE of 15.2x.

Sri Trang Agro-Industry - 4Q24 Profit Came in Below Consensus Expectation