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 upgrade to Buy (from Outperform) with a new 12M forward FV of Bt11.10 (from Bt9.35), based on a lower required return of 11.2% (from 12.2%) following a revised equity risk premium and updated assumptions.</li><li>The new FV implies ~11% upside, driven by earnings recovery (reflecting stronger long-term growth than the industry from a low base) and the 10-year government bond yield (risk-free rate).</li><li>Tactical upside risk is now limited (from Neutral) after the share price rallied on earnings recovery.</li></ul>

We upgrade to Buy (from Outperform) with a new 12M forward FV of Bt11.10 (from Bt9.35), based on a lower required return of 11.2% (from 12.2%) following a revised equity risk premium and updated assumptions.The new FV implies ~11% upside, driven by earnings recovery (reflecting stronger long-term growth than the industry from a low base) and the 10-year government bond yield (risk-free rate).Tactical upside risk is now limited (from Neutral) after the share price rallied on earnings recovery.

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