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>While the company has unveiled initial details of the WellEra mixed-use project in Langsuan, following its land lease investment in 2022, we do not expect the development to affect our 2026E core earnings forecast.</li><li>We reiterate our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%. The stock continues to offer 19% upside, while technical indicators remain neutral.</li><li>We see greater scope for fair value upside from a lower ERP and risk-free rate (Rf) than from EPS upgrades.</li></ul>

While the company has unveiled initial details of the WellEra mixed-use project in Langsuan, following its land lease investment in 2022, we do not expect the development to affect our 2026E core earnings forecast.We reiterate our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%. The stock continues to offer 19% upside, while technical indicators remain neutral.We see greater scope for fair value upside from a lower ERP and risk-free rate (Rf) than from EPS upgrades.

BDMS: WellEra Project Unlikely To Affect 2026–28E Earnings Outlook