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

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul><li>We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.</li><li>This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).</li><li>The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. </li></ul>

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. 

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth