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 initiate coverage of SCGD with a Buy rating and a 12-month fair value of Bt6.40 (9.5% required return), implying a P/E of 10.5x.</li><li>We forecast a strong 9% profit CAGR over 2025-28E, supported by a revenue recovery and continued cost reductions.</li><li>SCGD has delivered sustained profit growth but remains overlooked as industry headwinds have weighed on revenue.</li></ul>

We initiate coverage of SCGD with a Buy rating and a 12-month fair value of Bt6.40 (9.5% required return), implying a P/E of 10.5x.We forecast a strong 9% profit CAGR over 2025-28E, supported by a revenue recovery and continued cost reductions.SCGD has delivered sustained profit growth but remains overlooked as industry headwinds have weighed on revenue.

Cost Leader Poised for Renewed Revenue Growth

SCG Decor PCL

Cost Leader Poised for Renewed Revenue Growth