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>We switch to Hold from Buy for ORI after lower the 2020E TP Bt6 from Bt8.10, based on PER of 7x; on the expectation growth of a CAGR of 8.6% in 2020-21E.</li><li>ORI set its 2020E presales target at Bt21.5bn, -25.7% from 2019 presales of Bt28.9bn.</li><li>ORI expects 2020E transfers at Bt14bn, rising 14% YoY from its 2019 transfers at Bt12.3bn.</li></ul>

We switch to Hold from Buy for ORI after lower the 2020E TP Bt6 from Bt8.10, based on PER of 7x; on the expectation growth of a CAGR of 8.6% in 2020-21E.ORI set its 2020E presales target at Bt21.5bn, -25.7% from 2019 presales of Bt28.9bn.ORI expects 2020E transfers at Bt14bn, rising 14% YoY from its 2019 transfers at Bt12.3bn.

Expect Growth of a CAGR of 8.6% in 2020-21E

Old Republic Intl

Expect Growth of a CAGR of 8.6% in 2020-21E