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 have a neutral view on IRPC's analyst meeting, with the company having gone into the survival mode by prioritizing a few small projects and cost control.</li><li>We maintain a Hold rating, with the new 2020E TP of Bt3.0.</li><li>The company cut its five-year capital expenditures (2020-24E) by 48% to Bt28bn (vs. Bt54bn earlier), mainly through the deferment of the huge investment in the MARS project (aromatics expansion).</li></ul>

We have a neutral view on IRPC's analyst meeting, with the company having gone into the survival mode by prioritizing a few small projects and cost control.We maintain a Hold rating, with the new 2020E TP of Bt3.0.The company cut its five-year capital expenditures (2020-24E) by 48% to Bt28bn (vs. Bt54bn earlier), mainly through the deferment of the huge investment in the MARS project (aromatics expansion).

IRPC

Cost Reductions Amid Headwinds