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 Utilities / Thematic (Sector/Industry)

<ul><li>We recommend selling EA (with the return since it was first added at +0.9%, as the stock has fallen out of our top rankings.</li><li>We add JMART to the portfolio thanks to the expected 2Q22E earnings growth of 24.6% QoQ and 74.4% YoY to Bt405mn; this should have come on the back of the growth in the firms under its umbrella, led by JMT (the consensus estimates 2Q22E net profit at Bt392mn, +6.8% QoQ and +35.7% YoY) due to the seasonal increase in bad debt purchases and lower finance costs following the repayment of debentures, as well as SINGER (the consensus earnings estimate for 2Q22E is Bt246mn, +14.2% QoQ and +34.7% YoY) owing to the peak season for the sales of air conditioners.</li><li><div><div><div><div><p>GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.</p></div></div></div></div></li></ul>

We recommend selling EA (with the return since it was first added at +0.9%, as the stock has fallen out of our top rankings.We add JMART to the portfolio thanks to the expected 2Q22E earnings growth of 24.6% QoQ and 74.4% YoY to Bt405mn; this should have come on the back of the growth in the firms under its umbrella, led by JMT (the consensus estimates 2Q22E net profit at Bt392mn, +6.8% QoQ and +35.7% YoY) due to the seasonal increase in bad debt purchases and lower finance costs following the repayment of debentures, as well as SINGER (the consensus earnings estimate for 2Q22E is Bt246mn, +14.2% QoQ and +34.7% YoY) owing to the peak season for the sales of air conditioners.GULF is a holding company engaging in core businesses relating to the generation and distribution of power based on natural gas and alternative energy. The firm also invests in infrastructure and other related businesses.

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