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>Overhang factors from King Power Duty Free (KPD) and the PSC hike should become clearer after the board meeting on 28 Nov and the CAAT meeting on 3 Dec, potentially offering upside to our current forecast of 2Y core EPS CAGR 8%, in line with the sector.</li><li>We maintain a Neutral call with a fair value of Bt40.75, based on a 2.8% required return, equivalent to FY2026E PER of 35.3x (–1SD below the 3-year average).</li><li>Valuation metrics show a neutral fundamental view with 2% downside. Tactical view is neutral.</li></ul>

Overhang factors from King Power Duty Free (KPD) and the PSC hike should become clearer after the board meeting on 28 Nov and the CAAT meeting on 3 Dec, potentially offering upside to our current forecast of 2Y core EPS CAGR 8%, in line with the sector.We maintain a Neutral call with a fair value of Bt40.75, based on a 2.8% required return, equivalent to FY2026E PER of 35.3x (–1SD below the 3-year average).Valuation metrics show a neutral fundamental view with 2% downside. Tactical view is neutral.

AIRPORTS OF THAILAND Plc. (AOT): KPD And PSC Set To Clear Within Two Weeks

Airports of Thailand

AIRPORTS OF THAILAND Plc. (AOT): KPD And PSC Set To Clear Within Two Weeks