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

Delta Electronics Thailand  / Equity Bottom-Up

<ul><li>We acknowledge that DELTA should experience outstanding growth and is likely to have the most stable outlook in the sector, as it is the only company in Thailand producing AI and data center products that should grow in line with global megatrends.</li><li>However, the continued rise in the share price is not in line with our fundamental view. Therefore, we recommend an Underperform rating for DELTA, with a fair value of Bt104, based on a P/E ratio of 66x (+0.5 S.D.).</li><li>DELTA has several notable strengths: i) It is the only company in the SET engaged in businesses aligned with the growth of AI and data centers, which are considered next-generation industries with strong future potential.</li></ul>

We acknowledge that DELTA should experience outstanding growth and is likely to have the most stable outlook in the sector, as it is the only company in Thailand producing AI and data center products that should grow in line with global megatrends.However, the continued rise in the share price is not in line with our fundamental view. Therefore, we recommend an Underperform rating for DELTA, with a fair value of Bt104, based on a P/E ratio of 66x (+0.5 S.D.).DELTA has several notable strengths: i) It is the only company in the SET engaged in businesses aligned with the growth of AI and data centers, which are considered next-generation industries with strong future potential.

Delta Electronics (Thailand) - Strongest Outlook but the Most Expensive Valuation