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>We maintain a Buy rating and the 12M FV of Bt36.58.</li><li>Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a CAGR of 11% in 2024-26E.</li><li>The tactical risk is limited.JMT reported a 4Q23 net profit of Bt540mn (+10.3% YoY, +15% QoQ), slightly lower than what we had expected by 3.5%.</li></ul>

We maintain a Buy rating and the 12M FV of Bt36.58.Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a CAGR of 11% in 2024-26E.The tactical risk is limited.JMT reported a 4Q23 net profit of Bt540mn (+10.3% YoY, +15% QoQ), slightly lower than what we had expected by 3.5%.

Jmt Network Services - In-Line 4Q23 Earnings; Recovering Cash Collection

Thailand

JMT Network Services Public Company Limited provides debt collection and distressed debt management services for financial institutions and entrepreneurs in Thailand. The company also offers non-performing accounts receivable management, insurance brokerage, asset management, and appraisal services. JMT Network Services was established in 1994 and is headquartered in Bangkok, Thailand.

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JMT Network Services (JMT TB)

Jmt Network Services - In-Line 4Q23 Earnings; Recovering Cash Collection

Our valuation metrics suggest that the stock is fundamentally attractive, while the LT earnings prospects are strong, with EPS growth expected at a...

Krungthai XSpring

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