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

<p>THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.</p>

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.

Thailand

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

Thaicom Pcl (THCOM TB)

Earnings Review: Thaicom Plc.

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized.

Krungthai XSpring