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>The slowdown in the piling business due largely to delays in state and private projects has heightened the degree of market competition, while COVID-19 has led to labor shortages.</li><li>These negative factors have put pressure on SEAFCO's margin and revenue growth outlook.</li><li>We have therefore revised down our 2020-21E earnings forecasts by 30-45%, resulting in a new target price of Bt4.00/share (15.4x PER).</li></ul>

The slowdown in the piling business due largely to delays in state and private projects has heightened the degree of market competition, while COVID-19 has led to labor shortages.These negative factors have put pressure on SEAFCO's margin and revenue growth outlook.We have therefore revised down our 2020-21E earnings forecasts by 30-45%, resulting in a new target price of Bt4.00/share (15.4x PER).

Downbeat 3Q20 Earnings; 2020-21E Forecasts Trimmed

Seafco

Downbeat 3Q20 Earnings; 2020-21E Forecasts Trimmed