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>KTX maintains an Underperform rating.</li><li>The three-year earnings (2022-25E) are now expected to mark a -31% CAGR (vs. a -18% CAGR previously) due to lower swine prices, higher feed raw material costs and the high base.</li><li>This makes the stock rather unattractive, both in terms of the fundamentals and the growth outlook.</li></ul>

KTX maintains an Underperform rating.The three-year earnings (2022-25E) are now expected to mark a -31% CAGR (vs. a -18% CAGR previously) due to lower swine prices, higher feed raw material costs and the high base.This makes the stock rather unattractive, both in terms of the fundamentals and the growth outlook.

Downgrade Earnings; Three-Year Earnings Growth at a -31% CAGR

Betagro

Downgrade Earnings; Three-Year Earnings Growth at a -31% CAGR