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

One Enterprise Public Co Ltd / Equity Bottom-Up

<ul>
<li>Our Buy call is maintained, with a new fair value of Bt5.52 (from Bt9.24 previously) after having revised down the 2023-2025E earnings forecasts to reflect the slower-than-expected recovery in TV advertising expenditures, discounted by the higher required rate of return of 6.1% (from 4.8%).</li>
<li>Our valuation metrics also suggest that ONEE is attractive in terms of both its fundamental value and the tactical view.</li>
<li>The long-term growth should be strong on the back of the improvement in its performance from 2Q23E onward.</li>
</ul>


Our Buy call is maintained, with a new fair value of Bt5.52 (from Bt9.24 previously) after having revised down the 2023-2025E earnings forecasts to reflect the slower-than-expected recovery in TV advertising expenditures, discounted by the higher required rate of return of 6.1% (from 4.8%).
Our valuation metrics also suggest that ONEE is attractive in terms of both its fundamental value and the tactical view.
The long-term growth should be strong on the back of the improvement in its performance from 2Q23E onward.


The One Enterprise (ONEE) - Continued Pressure on 1Q23E Earnings