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 downgrade INTUCH's rating to <strong>Hold</strong> as its share price has rallied close to our target price in response to GULF making a surprise tender offer at the price of Bt65.</li><li>INTUCH posted a net profit of Bt2.66bn in 1Q21, down 3% YoY.</li><li>We revised our 2021E earnings estimate for INTUCH to Bt10.5bn, down 2% YoY.</li></ul>

We downgrade INTUCH's rating to Hold as its share price has rallied close to our target price in response to GULF making a surprise tender offer at the price of Bt65.INTUCH posted a net profit of Bt2.66bn in 1Q21, down 3% YoY.We revised our 2021E earnings estimate for INTUCH to Bt10.5bn, down 2% YoY.

Singapore

Singtel is a Singaporean telecommunications conglomerate offering mobile, broadband, TV, cybersecurity, cloud, and managed services to consumers and businesses. It also provides ICT solutions and digital infrastructure, and holds stakes in regional mobile operators across Asia-Pacific. Singtel was incorporated in 1992 and is headquartered in Singapore, with its origins tracing back to 1879.

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Singtel (SINGTE80 TB)

Intouch Holdings Plc. (INTUCH)

We downgrade INTUCH's rating to Hold as its share price has rallied close to our target price in response to GULF making a surprise tender offer...

Krungthai XSpring

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