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 revise our rating to Outperform (previously Buy), as the tactical view is now neutral.</li><li>The stock valuation remains attractive in terms of the fundamental perspective.</li><li>The company also offers steady long-term growth, with earnings per share (EPS) for 2025-27E expected to grow at a CAGR of 8.8%, outperforming the industry average of 8.0%.</li></ul>

We revise our rating to Outperform (previously Buy), as the tactical view is now neutral.The stock valuation remains attractive in terms of the fundamental perspective.The company also offers steady long-term growth, with earnings per share (EPS) for 2025-27E expected to grow at a CAGR of 8.8%, outperforming the industry average of 8.0%.

Medeze Group - Positive Catalysts but Negligible Impact in near Term

<ul><li>We maintain a Buy rating with a new fair value (FV) of Bt11.90 (previously Bt11.05) following an upward revision of the earnings estimates.</li><li>Meanwhile, the required return used as the discount rate has been adjusted to 3.8% (previously 3.7%), in line with the new house view on the macroeconomic variables.</li><li>Following the revision, the 2025-27E earnings per share (EPS) growth is expected at a CAGR of 8.8%, in line with the industry average.</li></ul>

We maintain a Buy rating with a new fair value (FV) of Bt11.90 (previously Bt11.05) following an upward revision of the earnings estimates.Meanwhile, the required return used as the discount rate has been adjusted to 3.8% (previously 3.7%), in line with the new house view on the macroeconomic variables.Following the revision, the 2025-27E earnings per share (EPS) growth is expected at a CAGR of 8.8%, in line with the industry average.

Medeze Group - Overseas Expansion to Be a New Profit Driver

<ul><li>We maintain a Buy rating thanks to an attractive valuation based on the fundamentals.</li><li>The stock offers 32% upside compared to the fair value of Bt11.05, derived from a required return of 3.7%, reflecting a PER of 27.6x.</li><li>Net profit reached a new high in 4Q24 at Bt98mn (+4% QoQ, +78% YoY), exceeding our forecast by 23%. </li></ul>

We maintain a Buy rating thanks to an attractive valuation based on the fundamentals.The stock offers 32% upside compared to the fair value of Bt11.05, derived from a required return of 3.7%, reflecting a PER of 27.6x.Net profit reached a new high in 4Q24 at Bt98mn (+4% QoQ, +78% YoY), exceeding our forecast by 23%. 

Medeze Group - 4Q24 Net Profit Hit a New High

<ul><li>MEDEZE is a pioneering company in stem cell and immune cell innovation, adhering to global standards.</li><li>The company is entering a growth phase, driven by increasing demand, the introduction of new services, and enhanced operational efficiency through innovation.</li><li>We estimate a fair value for MEDEZE of Bt11.05, using the earnings yield method, based on the projected earnings per share (EPS) for 2025E, discounted by a required return of 3.7%. This price level corresponds to a 2025E PER of 27.3x.</li></ul>

MEDEZE is a pioneering company in stem cell and immune cell innovation, adhering to global standards.The company is entering a growth phase, driven by increasing demand, the introduction of new services, and enhanced operational efficiency through innovation.We estimate a fair value for MEDEZE of Bt11.05, using the earnings yield method, based on the projected earnings per share (EPS) for 2025E, discounted by a required return of 3.7%. This price level corresponds to a 2025E PER of 27.3x.

Medeze Group - MEDEZE and Its Biotechnology for Sustainable Health

Thailand

Medeze Group Public Company Limited provides health care services. The Company offers cord tissue and adipose tissue, cord blood, and stem cells banking and regenerative medicine services. Medeze Group serves customers in Asia.

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Medeze Group (MEDEZE TB)

Medeze Group - Positive Catalysts but Negligible Impact in near Term

We revise our fair value (FV) to Bt9.93 (previously Bt11.05) after adjusting the required return to 4.7% (previously 3.8%), in line with our...

Krungthai XSpring

Medeze Group - Overseas Expansion to Be a New Profit Driver

We maintain a Buy rating with a new fair value (FV) of Bt11.90 (previously Bt11.05) following an upward revision of the earnings estimates.

Krungthai XSpring

Medeze Group - 4Q24 Net Profit Hit a New High

The stock offers 32% upside compared to the fair value of Bt11.05, derived from a required return of 3.7%, reflecting a PER of 27.6x.

Krungthai XSpring

Medeze Group - MEDEZE and Its Biotechnology for Sustainable Health

The company is entering a growth phase, driven by increasing demand, the introduction of new services, and enhanced operational efficiency through...

Krungthai XSpring

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