Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

Advanced Information Technology / Equity Bottom-Up

<ul><li>We reinitiate our coverage on AIT with a Neutral rating. While the stock offers a defensive profile-underpinned by an attractive dividend yield (averaging 7.3% over 2026–28E), ~10% upside to fair value, and limited tactical downside-capital appreciation remains constrained by a modest 2.5% CAGR over the same period.</li><li>Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%.</li><li>AIT is well-positioned to capture tailwinds from accelerated public investment under the national digital economy strategic roadmap, given its strong exposure to government and state enterprise clients.</li></ul>

We reinitiate our coverage on AIT with a Neutral rating. While the stock offers a defensive profile-underpinned by an attractive dividend yield (averaging 7.3% over 2026–28E), ~10% upside to fair value, and limited tactical downside-capital appreciation remains constrained by a modest 2.5% CAGR over the same period.Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%.AIT is well-positioned to capture tailwinds from accelerated public investment under the national digital economy strategic roadmap, given its strong exposure to government and state enterprise clients.

ADVANCED INFORMATION TECHNOLOGY Plc. (AIT): Stable Earnings

<div><div><div><p>AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth. Our full-year forecast remains intact, secured by a healthy backlog. Its appealing dividend yield of nearly 8% over the next twelve months prompts us to maintain a Buy rating.</p></div></div></div>

AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth. Our full-year forecast remains intact, secured by a healthy backlog. Its appealing dividend yield of nearly 8% over the next twelve months prompts us to maintain a Buy rating.

Company Update: Advanced Information Technology Plc.

Thailand

Advanced Information Technology Public Company Limited provides integrated information and communication technology (ICT) services and solutions. The company specializes in designing, installing, and maintaining computer systems and communication networks, offering turnkey projects that include hardware, software, and network equipment. Headquartered in Bangkok, Thailand, the company was founded in 1992.

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Advanced Information Technology (AIT TB)

ADVANCED INFORMATION TECHNOLOGY Plc. (AIT): Stable Earnings

Our 12-month fair value (FV) is set at Bt5.35, implying a forward PER of 14.0x. This valuation is derived using a required return of 7.1%....

Krungthai XSpring

Company Update: Advanced Information Technology Plc.

Solid earnings momentum, appealing yield, AIT delivered solid 1H21 earnings growth momentum YoY thanks to strong top-line growth.

Krungthai XSpring

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