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 switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).</li><li>The duty-free contract renegotiation with King Power (KPD) also improved.</li><li>However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.</li></ul>

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).The duty-free contract renegotiation with King Power (KPD) also improved.However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

China

Sun King Power Electronics Group Ltd. manufactures power electronics components and distributes semiconductors. The Company designs and produces power modules, anode saturable reactors, HV power capacitors, silicon rectifier valves, and deionised water cooling systems for rail transportation and power transmission and distribution.

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Sun King Power Electronics (580 HK)

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously). The duty-free contract...

Krungthai XSpring

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