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

<div><div><div><p><strong>Negative impact from pandemic should be short term</strong><br>We lower VGI’s earnings in FY21/22E and FY22/23E to reflect the potential negative impact from the ongoing pandemic. This, along with our TP cut for PLANB, causes us to lower VGI’s SOTP-based TP to Bt6.70 (vs. Bt7.40 previously). However, VGI’s share price decline of 12% since the new lockdown was imposed in Bangkok likely factors in the negatives to a certain degree. As the share price now offers attractive upside gain, we lift VGI’s rating to Buy (from Hold previously).</p><div></div></div></div></div>

Negative impact from pandemic should be short term We lower VGI’s earnings in FY21/22E and FY22/23E to reflect the potential negative impact from the ongoing pandemic. This, along with our TP cut for PLANB, causes us to lower VGI’s SOTP-based TP to Bt6.70 (vs. Bt7.40 previously). However, VGI’s share price decline of 12% since the new lockdown was imposed in Bangkok likely factors in the negatives to a certain degree. As the share price now offers attractive upside gain, we lift VGI’s rating to Buy (from Hold previously).

Thailand

VGI Public Company Limited operates as an advertising media company. The Company offers out of home advertising, campaign measurement, target advertising campaign, and offline-to-online solutions. VGI serves customers globally.

VGI PCL (VGI TB)

Company Update: VGI Plc. (VGI)

Negative impact from pandemic should be short term, We lower VGI’s earnings in FY21/22E and FY22/23E to reflect the potential negative impact from...

Krungthai XSpring