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.

Thematic (Sector/Industry)

<ul><li>Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.</li><li>In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.</li><li>However, the recovery remains uncertain due to light trading volume.</li></ul>

Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks.In addition, AOT managed to rise, which helped the index close higher despite DELTA's decline.However, the recovery remains uncertain due to light trading volume.

<ul><li>The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.</li><li>Asset quality improved in the title loan provider segment, while the truck hire-purchase providers segment has yet to recover.</li><li>However, performance pressures have begun to ease, driven by a decline in funding costs and reduced concerns over asset quality, supported by economic stimulus measures.</li></ul>

The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.Asset quality improved in the title loan provider segment, while the truck hire-purchase providers segment has yet to recover.However, performance pressures have begun to ease, driven by a decline in funding costs and reduced concerns over asset quality, supported by economic stimulus measures.

Equity Bottom-Up

<ul><li>We maintain a Buy call but revise down the fair value to Bt19.17 from Bt22.62 following the downward revisions to our 2024-26E earnings forecasts.</li><li>Our fair value is based on the earnings yield, with a required return of 8.1%.</li><li>The valuation metrics suggest that the current share price implies upside of around 39% to our fair price. </li></ul>

We maintain a Buy call but revise down the fair value to Bt19.17 from Bt22.62 following the downward revisions to our 2024-26E earnings forecasts.Our fair value is based on the earnings yield, with a required return of 8.1%.The valuation metrics suggest that the current share price implies upside of around 39% to our fair price. 

Ngern Tid Lor - Revised Down Earnings Forecasts to Reflect Weak Asset Quality

<ul><li>We maintain a Buy rating, with a 12M fair value of Bt22.62, based on a required return of 7.8%.</li><li>The valuation metrics suggest that the share price implies potential upside of 44.3% to the fair value.</li><li>The long-term earnings prospects remain strong, while the tactical downside risk is still limited.</li></ul>

We maintain a Buy rating, with a 12M fair value of Bt22.62, based on a required return of 7.8%.The valuation metrics suggest that the share price implies potential upside of 44.3% to the fair value.The long-term earnings prospects remain strong, while the tactical downside risk is still limited.

<ul><li>We switch to a Buy rating, with a new fair value of Bt22.62 (vs. Outperform and a fair value of Bt21.87 previously), following the adjustments to our house view assumptions on the macroeconomic variables.</li><li>The valuation metrics suggest that the share price implies potential upside of 28.5% to the fair value, while the stock price has decreased by approximately 9.4% since our last research <span style="font-size: var(--content-font-size);">report on June 5, 2024. </span></li><li><span style="font-size: var(--content-font-size);">The long-term earnings prospects remain </span>strong, and the tactical downside risk is still limited.</li></ul>

We switch to a Buy rating, with a new fair value of Bt22.62 (vs. Outperform and a fair value of Bt21.87 previously), following the adjustments to our house view assumptions on the macroeconomic variables.The valuation metrics suggest that the share price implies potential upside of 28.5% to the fair value, while the stock price has decreased by approximately 9.4% since our last research report on June 5, 2024. The long-term earnings prospects remain strong, and the tactical downside risk is still limited.

NGERN TID LOR - 2Q24E Earnings to Have Grown YoY but Declined QoQ

Thailand

Ngern Tid Lor Public Company Limited operates as a microfinance company. The Company offers auto finance and insurance products and services. Ngern Tid Lor serves customers in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ngern Tid Lor (NTL TB)

Technical Analysis - FEBRUARY 19, 2025

Most Asian bourses surged, while the SET saw buying activity flow into banking, commerce, hospital, and tourism stocks. In addition, AOT managed to...

Krungthai XSpring

Finance & Securities - NOVEMBER 26, 2024

The finance sector operators under our coverage reported a combined net profit of Bt3.9bn in 3Q24, down 7.7% YoY and 5.2% QoQ.

Krungthai XSpring

Ngern Tid Lor - Revised Down Earnings Forecasts to Reflect Weak Asset Quality

We maintain a Buy call but revise down the fair value to Bt19.17 from Bt22.62 following the downward revisions to our 2024-26E earnings forecasts.

Krungthai XSpring

Ngern Tid Lor - Slightly Upbeat 2Q24 NP

We maintain a Buy rating, with a 12M fair value of Bt22.62, based on a required return of 7.8%.The valuation metrics suggest that the share price...

Krungthai XSpring

NGERN TID LOR - 2Q24E Earnings to Have Grown YoY but Declined QoQ

The valuation metrics suggest that the share price implies potential upside of 28.5% to the fair value, while the stock price has decreased by...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)