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>We switch our rating to Outperform (from Buy) based on a more conservative view on the long-term earnings growth outlook.</li><li>However, AH is attractive for its valuation, both in terms of the fundamentals and the limited tactical downside risks.</li><li>The 12M fair value, determined by the earnings yield, has been cut to Bt34.14 (vs. Bt43.22 previously) based on the new earnings projections, with a required return of 15.0% (vs. 13.0% previously), following the increase in the beta after shifting the data used for forecasting to the period of 2021-2023.</li></ul>

We switch our rating to Outperform (from Buy) based on a more conservative view on the long-term earnings growth outlook.However, AH is attractive for its valuation, both in terms of the fundamentals and the limited tactical downside risks.The 12M fair value, determined by the earnings yield, has been cut to Bt34.14 (vs. Bt43.22 previously) based on the new earnings projections, with a required return of 15.0% (vs. 13.0% previously), following the increase in the beta after shifting the data used for forecasting to the period of 2021-2023.

Aapico Hitech -In Stagnation Mode but Attractive Valuation