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

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required return of 3.8%.</li><li>KTX’s valuation view is positive on strong long-term growth potential, with 2025-27E core EPS CAGR expected at +9%, outpacing the industry average of +5%.</li><li>However, the fundamental outlook is seen as neutral, with the fair value offering 8% upside and the tactical view also neutral.</li></ul>

We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required return of 3.8%.KTX’s valuation view is positive on strong long-term growth potential, with 2025-27E core EPS CAGR expected at +9%, outpacing the industry average of +5%.However, the fundamental outlook is seen as neutral, with the fair value offering 8% upside and the tactical view also neutral.

Bangkok Chain Hospital - Expect Strong Earnings Growth in 2025E with a Higher ERP