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.

Event-Driven

<ul><li>The news regarding the search by a Japanese retail company, Seven &amp; I, for a joint venture partner indicates that the terms and partner selection have not yet been finalized. This uncertainty may continue to pressure CPALL until further clarity emerges.</li><li><div>We conducted a preliminary study on CPALL’s potential to secure additional funding if it participates in a management buyout (MBO) of Seven &amp; i. Assuming a 20% investment stake, CPALL would recognize shared profit from the associate (Seven &amp; I) to offset the increased interest expenses.</div></li><li><div>However, on an accounting basis, this would pose downside risk to the earnings estimates by approximately 6% in 2025E and 2% in 2026E. Conversely, when factoring in dividend income from Seven &amp; i, there would be upside risk to net cash flow, contributing approximately +8% in 2025E and +12% in 2026E.</div></li></ul>

The news regarding the search by a Japanese retail company, Seven &amp; I, for a joint venture partner indicates that the terms and partner selection have not yet been finalized. This uncertainty may continue to pressure CPALL until further clarity emerges.We conducted a preliminary study on CPALL’s potential to secure additional funding if it participates in a management buyout (MBO) of Seven &amp; i. Assuming a 20% investment stake, CPALL would recognize shared profit from the associate (Seven &amp; I) to offset the increased interest expenses.However, on an accounting basis, this would pose downside risk to the earnings estimates by approximately 6% in 2025E and 2% in 2026E. Conversely, when factoring in dividend income from Seven &amp; i, there would be upside risk to net cash flow, contributing approximately +8% in 2025E and +12% in 2026E.

CPALL: Japanese Retail Firm Seeking a Partner, But Not Yet Finalized

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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

Seven & I Holdings (3382 JP)

CPALL: Japanese Retail Firm Seeking a Partner, But Not Yet Finalized

The news regarding the search by a Japanese retail company, Seven & I, for a joint venture partner indicates that the terms and partner selection...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)