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 overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak.</li><li>Our 2020E-2022E earnings cut by 5-7% was chiefly based on the weaker performance of CKP.</li><li>Given its stable and predictable cashflow, alongside consistent dividends with an estimated yield of 4-5% annually, we rate a Buy for the stock.</li></ul>

The overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak.Our 2020E-2022E earnings cut by 5-7% was chiefly based on the weaker performance of CKP.Given its stable and predictable cashflow, alongside consistent dividends with an estimated yield of 4-5% annually, we rate a Buy for the stock.

United States

CTW develops games. The Company provides anime IP-based games for mobile devices and personal computers. CTW Cayman serves customers across worldwide.

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CTW (CTW US)

Bottom Line Challenged by Power Business

The overall outlook for TTW's tap water business remains resilient, with an immaterial impact from the COVID-19 outbreak. Our 2020E-2022E earnings...

Krungthai XSpring

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