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>We maintain a Neutral rating, but lower our 12M FV to Bt177.50, based on a required return of 4.9%, reflecting earnings downgrades and updated macro assumptions under our house view—i.e., an Rf of 1.83% and an MRP of 4.67% (previously Bt194.00 / 4.7% / 1.23% and 5.61%).</li><li>KTX valuation metrics indicate both a neutral fundamental view (8% upside) and a neutral tactical view, while long-term earnings remain weak (2Y core EPS CAGR of 2%, below the sector average).</li><li>Near-term outlook remains unattractive, as Middle East tensions may reduce Qatari patient revenue from a high base and limit inflows from Kuwait and Saudi Arabia.</li></ul>

We maintain a Neutral rating, but lower our 12M FV to Bt177.50, based on a required return of 4.9%, reflecting earnings downgrades and updated macro assumptions under our house view—i.e., an Rf of 1.83% and an MRP of 4.67% (previously Bt194.00 / 4.7% / 1.23% and 5.61%).KTX valuation metrics indicate both a neutral fundamental view (8% upside) and a neutral tactical view, while long-term earnings remain weak (2Y core EPS CAGR of 2%, below the sector average).Near-term outlook remains unattractive, as Middle East tensions may reduce Qatari patient revenue from a high base and limit inflows from Kuwait and Saudi Arabia.

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