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>SNNP reported a 3Q23 net profit of Bt160mn, 5% lower than KTX's projection of Bt169mn due to higher-than-expected operating expenses by Bt8mn.</li><li>The 3Q23 net profit increased by 13% YoY and 2% QoQ, as the gross profit margin improved YoY and QoQ.</li><li>We maintain an Outperform rating, with a fair price of Bt26.25, based on the earnings yield and a required return of 3.48%.</li></ul>

SNNP reported a 3Q23 net profit of Bt160mn, 5% lower than KTX's projection of Bt169mn due to higher-than-expected operating expenses by Bt8mn.The 3Q23 net profit increased by 13% YoY and 2% QoQ, as the gross profit margin improved YoY and QoQ.We maintain an Outperform rating, with a fair price of Bt26.25, based on the earnings yield and a required return of 3.48%.

Srinanaporn Marketing Plc. (SNNP): SNNP Reported a 3Q23 Net Profit of Bt160mn, 5% Lower than KTX’s Projection of Bt169mn - Outperform (Fair Value: Bt26.25)