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

Thematic (Sector/Industry)

Thailand Banks / Thematic (Sector/Industry)

<ul><li>High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.</li><li>Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.</li><li>Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.</li></ul>

High banking-system liquidity remains limited in its transmission to the real economy but allows banks to optimize balance sheets and pursue capital management strategies amid a downcycle in interest rates.Our sensitivity analysis shows that excess liquidity can support ROE and drive a potential PBV re-rating of around 8–22%, depending on growth assumptions.Although system liquidity has recovered post-COVID, it remains largely parked in banks rather than flowing to the real economy, as reflected by a higher broad money–to–total assets ratio and an LDR below 90%, resulting in a weaker money multiplier.

Banking: Low-Growth Backdrop Opens Valuation Re-Rating For Banks - Overweight