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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>CPW's 2020 results missed our expectation on a weak top line and GPM thanks to the adverse impact of the pandemic.</li><li>We revise down the 2021-2022E earnings to reflect the slow momentum of the economic recovery, despite the strong product lineup.</li><li>The current share price has limited upside to our new TP of Bt2.37, pegged with 2021E PER of 19x, leading us to downgrade our rating to Hold.</li></ul>

CPW's 2020 results missed our expectation on a weak top line and GPM thanks to the adverse impact of the pandemic.We revise down the 2021-2022E earnings to reflect the slow momentum of the economic recovery, despite the strong product lineup.The current share price has limited upside to our new TP of Bt2.37, pegged with 2021E PER of 19x, leading us to downgrade our rating to Hold.

Copperwired

2020 Earnings Below Forecast