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 switch our rating to Outperform (from Buy). Our valuation metrics suggest that AH is attractive in terms of the current valuation, while the tactical view is neutral.</li><li>The long-term earnings growth outlook remains positive, but we are less bullish than we were in the previous report.</li><li>We have derived a new 12M fair value of Bt39.13 (vs. Bt26.50 previously), based on the earnings yield approach, with a required rate of return of 14%, projected with a multiple regression model (with an R-squared of 88%) through both macroeconomic variables and specific factors of the firm.</li></ul>

We switch our rating to Outperform (from Buy). Our valuation metrics suggest that AH is attractive in terms of the current valuation, while the tactical view is neutral.The long-term earnings growth outlook remains positive, but we are less bullish than we were in the previous report.We have derived a new 12M fair value of Bt39.13 (vs. Bt26.50 previously), based on the earnings yield approach, with a required rate of return of 14%, projected with a multiple regression model (with an R-squared of 88%) through both macroeconomic variables and specific factors of the firm.

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