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>Power stocks, characterized by high debt leverage, face negative impacts from the extended interest rate uptrend and baht depreciation.</li><li>However, BCPG's current share price indicates limited downside risk, and the phase of low core profit is expected to conclude in 2024E, with an uptrend projected thereafter.</li><li>This may mitigate risks associated with the adder and divestment gaps, with core profit forecast to be near Bt3.0bn in 2031E. We maintain an Outperform rating (12M FV: Bt9.05)</li></ul>

Power stocks, characterized by high debt leverage, face negative impacts from the extended interest rate uptrend and baht depreciation.However, BCPG's current share price indicates limited downside risk, and the phase of low core profit is expected to conclude in 2024E, with an uptrend projected thereafter.This may mitigate risks associated with the adder and divestment gaps, with core profit forecast to be near Bt3.0bn in 2031E. We maintain an Outperform rating (12M FV: Bt9.05)

BCPG - US CCGT Contribution to Boost Earnings Momentum in 1Q24E

BCPG PCL

BCPG - US CCGT Contribution to Boost Earnings Momentum in 1Q24E