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 maintain our Underperform rating but revise down the fair value to Bt23.50, based on a required return of 3.7%, following adjustments to our macro assumptions: Rf = 1.48% and MRP = 6.83% (previously Bt24.10, 3.6%, 2.07%, and 5.58%, respectively).</li><li>We expect a limited impact from the new debt deferral, as it only covers the gap between minimum guarntee (MG) and revenue sharing (RS).</li><li>In the long term, we maintain our view that AOT will amend the contract for King Power Duty Free (KPD) to pay 20% of the RS, eliminating the downside risk to the FY2026E earnings forecast. </li></ul>

We maintain our Underperform rating but revise down the fair value to Bt23.50, based on a required return of 3.7%, following adjustments to our macro assumptions: Rf = 1.48% and MRP = 6.83% (previously Bt24.10, 3.6%, 2.07%, and 5.58%, respectively).We expect a limited impact from the new debt deferral, as it only covers the gap between minimum guarntee (MG) and revenue sharing (RS).In the long term, we maintain our view that AOT will amend the contract for King Power Duty Free (KPD) to pay 20% of the RS, eliminating the downside risk to the FY2026E earnings forecast. 

AOT TB - KPD Deferred Additional Payments but Compensated AOT with Sufficient Guarantees

Airports of Thailand

AOT TB - KPD Deferred Additional Payments but Compensated AOT with Sufficient Guarantees