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 a Buy rating, with a fair value of Bt20.66, based on the earnings yield and a required rate of return of 10.8%.</li><li>The valuation metrics suggest potential upside of 29% from the current share price.</li><li>The long-term earnings growth is expected to be strong, with EPS growth forecast at a CAGR of 24.4% in 2025- 26E. Meanwhile, the tactical downside risk is limited.</li></ul>

We maintain a Buy rating, with a fair value of Bt20.66, based on the earnings yield and a required rate of return of 10.8%.The valuation metrics suggest potential upside of 29% from the current share price.The long-term earnings growth is expected to be strong, with EPS growth forecast at a CAGR of 24.4% in 2025- 26E. Meanwhile, the tactical downside risk is limited.

Asia Sermkij Leasing

Asia Sermkij Leasing - In-Line 1Q24 NP