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>Despite a potential downward revision to company guidance due to Middle East impacts, our more conservative assumptions lead us to maintain our forecast of 2Y core EPS growth at 9% CAGR, below peers.</li><li>We slightly raise our 12M fair value to Bt36.50, based on a required return of 4.3% under revised macro assumptions, using an upward-sloping yield curve with Rf at 1.83% (from Bt36.00 / 4.6% / 1.23%).</li><li>Based on KTX valuation metrics, we maintain an Outperform rating, with 11% upside to our 12M FV and limited technical downside risk.</li></ul>

Despite a potential downward revision to company guidance due to Middle East impacts, our more conservative assumptions lead us to maintain our forecast of 2Y core EPS growth at 9% CAGR, below peers.We slightly raise our 12M fair value to Bt36.50, based on a required return of 4.3% under revised macro assumptions, using an upward-sloping yield curve with Rf at 1.83% (from Bt36.00 / 4.6% / 1.23%).Based on KTX valuation metrics, we maintain an Outperform rating, with 11% upside to our 12M FV and limited technical downside risk.

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