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

Asia Network International  / Equity Bottom-Up

<ul><li>We have an Outperform rating for ANI due to its attractive valuation (fair price: Bt7.13) and steady long-term growth, with an expected CAGR of 8.3% for EPS during 2024-2026E.</li><li>Ou tactical view, however, remains neutral.</li><li><p>The 4Q23 net profit of Bt130mn was in line with our projection of Bt131mn, down 45.6% YoY and 33.8% YoY. </p></li></ul>

We have an Outperform rating for ANI due to its attractive valuation (fair price: Bt7.13) and steady long-term growth, with an expected CAGR of 8.3% for EPS during 2024-2026E.Ou tactical view, however, remains neutral.The 4Q23 net profit of Bt130mn was in line with our projection of Bt131mn, down 45.6% YoY and 33.8% YoY. 

Asia Network International - 4Q23 NP in Line; 2024E Profit to Be Boosted by Revenue Recovery