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

Regional Container Line / Equity Bottom-Up

<ul><li>We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.</li></ul>

We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt24.40 (from Bt24.20 previously).The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as steady, compared to the sector, which broadly faces industry normalization.

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

<ul><li>KTX maintains our Neutral rating and the 2025E fair value at Bt24.20.</li><li>The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.</li><li>The growth outlook is weak, with 2025-26E profit expected to gradually normalize from the upcycle seen in 2024.</li></ul>

KTX maintains our Neutral rating and the 2025E fair value at Bt24.20.The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.The growth outlook is weak, with 2025-26E profit expected to gradually normalize from the upcycle seen in 2024.

Regional Container Lines - 1Q25 Profit Remained Elevated but Declined QoQ

<ul><li>KTX maintains a Neutral rating with a fair value of Bt24.20 for 2025E.</li><li>The current share price is higher than our fair value of Bt24.20, which is based on a required return of 17.36%, reflecting a target PER of 5.8x.</li><li>The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.</li></ul>

KTX maintains a Neutral rating with a fair value of Bt24.20 for 2025E.The current share price is higher than our fair value of Bt24.20, which is based on a required return of 17.36%, reflecting a target PER of 5.8x.The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.

Regional Container Lines - Upbeat NP but In-Line Core Profit

<ul><li>We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.</li></ul>

We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.

Regional Container Lines - Solid 4Q24E but Upcycle Already Behind It

<ul><li>We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt30.00 (from Bt27.60 previously).</li><li>The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the target PER of 6.2x.</li><li>Its growth trajectory is categorized as steady, with the 2025-26E earnings to normalize from the 2024E upcycle.</li></ul>

We maintain a Neutral rating on RCL with a new 12M FWD fair value (FV) of Bt30.00 (from Bt27.60 previously).The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the target PER of 6.2x.Its growth trajectory is categorized as steady, with the 2025-26E earnings to normalize from the 2024E upcycle.

Regional Container Lines - Impressive Earnings in 3Q24 but Should Retreat in 4Q24E

Thailand

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

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Regional Container Line (RCL TB)

Regional Container Lines - Little Impact from Recent Geopolitical Tensions

The stock price currently has downside of 3% to our FV of Bt24.40, based on a required rate of return of 17.38%, reflecting the target PER of 5.8x.

Krungthai XSpring

Regional Container Lines - 1Q25 Profit Remained Elevated but Declined QoQ

The current share price is close to our fair value of Bt24.20, based on a required return of 17.36%, reflecting a PER target of 5.8x.

Krungthai XSpring

Regional Container Lines - Upbeat NP but In-Line Core Profit

The company's growth outlook remains weak, with 2025-26E profits expected to gradually slow to a normal level following the upcycle in 2024.

Krungthai XSpring

Regional Container Lines - Solid 4Q24E but Upcycle Already Behind It

The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.

Krungthai XSpring

Regional Container Lines - Impressive Earnings in 3Q24 but Should Retreat in 4Q24E

The stock price currently provides upside of only 4% to our 12M FWD FV of Bt30.00, based on a required rate of return of 16.24%, reflecting the...

Krungthai XSpring

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