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>We like RBF for being in the supply chain of a variety of consumer products and its superior profitability.</li><li>However, the share price now implies demanding 2020-21E PER of 38x and 34x vs. expected two-year earnings growth at a 20% CAGR and the 2021E target price of Bt7.00 (25x PER).</li><li>We therefore reaffirm our Sell rating.</li></ul>

We like RBF for being in the supply chain of a variety of consumer products and its superior profitability.However, the share price now implies demanding 2020-21E PER of 38x and 34x vs. expected two-year earnings growth at a 20% CAGR and the 2021E target price of Bt7.00 (25x PER).We therefore reaffirm our Sell rating.

Upbeat 3Q20 Earnings but Demanding Valuation

R&B Food Supply

Upbeat 3Q20 Earnings but Demanding Valuation