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 expect the company's 2H2OE earnings to remain weak, with the cyclical coal prices and gas price as the primary risks, creating possible downside to our earnings estimate.</li><li>Despite its deep valuation, currently trading at 0.5x 2020E PBV (-1.5 S.D.), we see no positive catalysts; thus, our Hold rating is maintained.</li><li>The company showed a poor performance in 1H20, reporting a core loss of Bt3.1bn and a net loss of Bt802mn.</li></ul>

We expect the company's 2H2OE earnings to remain weak, with the cyclical coal prices and gas price as the primary risks, creating possible downside to our earnings estimate.Despite its deep valuation, currently trading at 0.5x 2020E PBV (-1.5 S.D.), we see no positive catalysts; thus, our Hold rating is maintained.The company showed a poor performance in 1H20, reporting a core loss of Bt3.1bn and a net loss of Bt802mn.

Challenging Earnings Amid Cyclical Prices

Banpu

Challenging Earnings Amid Cyclical Prices