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>The piling business is likely to face more intense competition due to delays of state and private projects, which will put the firm's margin under pressure.</li><li>Therefore, the 2020E earnings are expected to fall by 14% before recovering by 20% in 2021E.</li><li>Meanwhile, the 2Q20E earnings are projected to decline YoY.</li></ul>

The piling business is likely to face more intense competition due to delays of state and private projects, which will put the firm's margin under pressure.Therefore, the 2020E earnings are expected to fall by 14% before recovering by 20% in 2021E.Meanwhile, the 2Q20E earnings are projected to decline YoY.

2020E Earnings Likely to Fall by 14% YoY Due to Expected Narrower Margin

Seafco

2020E Earnings Likely to Fall by 14% YoY Due to Expected Narrower Margin