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 raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.</li><li>We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.</li><li>GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.</li></ul>

We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

United States

Workday, Inc. provides enterprise cloud-based applications. The Company offers human capital, spend, and financial management, as well as payroll, initiatives and higher education solutions. Workday serves the finance, healthcare, manufacturing, education, and technology industries worldwide.

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