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

BTS Group Holdings PCL / Equity Bottom-Up

<ul><li>We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially media, BTSGIF and U.</li><li>Thus, BTS's SOTP-based TP is also reduced to Bt13 (vs. Bt15 previously).</li><li>We maintain our Buy call for BTS as we believe the negative impact should be short term.</li></ul>

We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially media, BTSGIF and U.Thus, BTS's SOTP-based TP is also reduced to Bt13 (vs. Bt15 previously).We maintain our Buy call for BTS as we believe the negative impact should be short term.

Thailand

VGI Public Company Limited is a Thailand-based company that provides offline-to-online (O2O) marketing solutions across three core segments: Advertising, Digital Services, and Distribution. It offers a diverse range of advertising media, including transit and office building advertising, alongside digital payment services through Rabbit Group. The company is headquartered in Bangkok, Thailand, and was founded in 1995.

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VGI (VGI-R TB)

Temporary Impact From COVID-19

We lower the core earnings in FY19/20E, FY20/21E and FY21/22E for BTS to reflect the negative impact of COVID-19 on some businesses, especially...

Krungthai XSpring

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