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>Although VGI reported better-than-expected core earnings in 3QFY20/21, we decide to maintain our projections for the whole year given that earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.</li><li>Nevertheless, the current share price likely reflects the negatives.</li><li>We thus maintain our Hold rating for VGI, with the SOTP-based TP of Bt7.80.</li></ul>

Although VGI reported better-than-expected core earnings in 3QFY20/21, we decide to maintain our projections for the whole year given that earnings in 4QFY20/21E should be hurt by the new COVID-19 outbreak.Nevertheless, the current share price likely reflects the negatives.We thus maintain our Hold rating for VGI, with the SOTP-based TP of Bt7.80.

VGI

Beat Forecast Partly on Extra Item