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 Dusit Medical Services / Equity Bottom-Up

<ul><li>We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin, despite slower revenue growth of +4-6% YoY (in line with our estimate of +4% YoY) due to the economic slowdown.</li><li>We estimate EPS growth over the next two years at a CAGR of +5%, which is below the sector average.</li><li>We maintain the fair value at Bt23.90, based on a required return of 4.4%.</li></ul>

We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin, despite slower revenue growth of +4-6% YoY (in line with our estimate of +4% YoY) due to the economic slowdown.We estimate EPS growth over the next two years at a CAGR of +5%, which is below the sector average.We maintain the fair value at Bt23.90, based on a required return of 4.4%.

Bangkok Dusit Medical Services - Focusing on Cost Control