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

Total Access Communication / Equity Bottom-Up

<ul><li>DTAC's core profit in 1Q21 beat the market's expectation on superior cost optimization.</li><li>This led the company to revise up its 2021 service revenue growth and EBITDA guidance, which remains in line with our projections.</li><li>Our Buy rating is maintained on its undemanding valuation (trading at 2021E EV/EBITDA of 4x vs. regional peers' average of 6x) and around a 6% dividend yield.</li></ul>

DTAC's core profit in 1Q21 beat the market's expectation on superior cost optimization.This led the company to revise up its 2021 service revenue growth and EBITDA guidance, which remains in line with our projections.Our Buy rating is maintained on its undemanding valuation (trading at 2021E EV/EBITDA of 4x vs. regional peers' average of 6x) and around a 6% dividend yield.

Total Access Communication

Cost Control Stabilized Bottom Line