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

<ul><li>The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM).</li><li>We thus cut our 2020-21E earnings forecasts by 14% and 10%, resulting in a new target price of Bt6.20 (13x PER).</li><li>We lower our rating to Hold (from Buy) while waiting for big new projects from the major contractor CK.</li></ul>

The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM).We thus cut our 2020-21E earnings forecasts by 14% and 10%, resulting in a new target price of Bt6.20 (13x PER).We lower our rating to Hold (from Buy) while waiting for big new projects from the major contractor CK.

1Q20E Earnings to Have Fallen YoY; Earnings Forecast Revised Down

South Korea

CK Solution Co.,Ltd. provides electric vehicle battery solutions. The Company produces and sells dry room system, clean room system, and other products. CK Solution markets its products worldwide.

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CK Solution (480370 KS)

1Q20E Earnings to Have Fallen YoY; Earnings Forecast Revised Down

The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM). We thus cut our 2020-21E...

Krungthai XSpring

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