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>TTW's 1Q20 results missed the forecast due to a higher shared loss from CKP.</li><li>While the tap water business has stayed resilient to COVID-19, the drought will hurt CKP and pull the 2Q20E earnings down further.</li><li>TTW's share price has rallied over the past month as a safe play amid COVID-19 and currently has limited upside to our 2020E target price of Bt14.30.</li></ul>

TTW's 1Q20 results missed the forecast due to a higher shared loss from CKP.While the tap water business has stayed resilient to COVID-19, the drought will hurt CKP and pull the 2Q20E earnings down further.TTW's share price has rallied over the past month as a safe play amid COVID-19 and currently has limited upside to our 2020E target price of Bt14.30.

TTW

Downgrade to Hold on Limited Upside