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

Frasers Property Thailand Industrial Freehold & Leasehold REIT / Equity Bottom-Up

Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT TB)

Frasers Property Thailand Industrial Freehold & Leasehold REIT

<ul><li>We initiate coverage on FTREIT with a neutral rating.</li><li>We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in line with the 5-year average.</li><li>Net investment profit is expected to grow at a 3.4% CAGR in 2026–28E, assuming continued asset investments.</li></ul>

We initiate coverage on FTREIT with a neutral rating.We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in line with the 5-year average.Net investment profit is expected to grow at a 3.4% CAGR in 2026–28E, assuming continued asset investments.

FTREIT TB: Investment-Driven Growth; Attractive Dividend – Neutral (12M FWD Fair Value Bt11.60)

Australia

GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.

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Gpt Group (GPT AU)

FTREIT TB: Investment-Driven Growth; Attractive Dividend – Neutral (12M FWD Fair Value Bt11.60)

We estimate fair value at Bt11.60 using the earnings yield method with a 7.3% required return; at this level, FTREIT trades at P/NAV of 1.0x, in...

Krungthai XSpring

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