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

Event-Driven

<ul><li>The news regarding the search by a Japanese retail company, Seven &amp; I, for a joint venture partner indicates that the terms and partner selection have not yet been finalized. This uncertainty may continue to pressure CPALL until further clarity emerges.</li><li><div>We conducted a preliminary study on CPALL’s potential to secure additional funding if it participates in a management buyout (MBO) of Seven &amp; i. Assuming a 20% investment stake, CPALL would recognize shared profit from the associate (Seven &amp; I) to offset the increased interest expenses.</div></li><li><div>However, on an accounting basis, this would pose downside risk to the earnings estimates by approximately 6% in 2025E and 2% in 2026E. Conversely, when factoring in dividend income from Seven &amp; i, there would be upside risk to net cash flow, contributing approximately +8% in 2025E and +12% in 2026E.</div></li></ul>

The news regarding the search by a Japanese retail company, Seven &amp; I, for a joint venture partner indicates that the terms and partner selection have not yet been finalized. This uncertainty may continue to pressure CPALL until further clarity emerges.We conducted a preliminary study on CPALL’s potential to secure additional funding if it participates in a management buyout (MBO) of Seven &amp; i. Assuming a 20% investment stake, CPALL would recognize shared profit from the associate (Seven &amp; I) to offset the increased interest expenses.However, on an accounting basis, this would pose downside risk to the earnings estimates by approximately 6% in 2025E and 2% in 2026E. Conversely, when factoring in dividend income from Seven &amp; i, there would be upside risk to net cash flow, contributing approximately +8% in 2025E and +12% in 2026E.

CPALL: Japanese Retail Firm Seeking a Partner, But Not Yet Finalized

CP ALL PCL

CPALL: Japanese Retail Firm Seeking a Partner, But Not Yet Finalized