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 maintain a Neutral rating and the 12M FV at Bt52.85, based on a required return of 3.4%.</li><li>Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are stable (due to the gradual expiries of PPAs at some SPPs for the electricity output sold to EGAT and IPPs in 2025-26E).</li><li>We expect the potential reclaim of EGAT's Ft subsidies to be the next price catalyst for SPP operators.</li></ul>

We maintain a Neutral rating and the 12M FV at Bt52.85, based on a required return of 3.4%.Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are stable (due to the gradual expiries of PPAs at some SPPs for the electricity output sold to EGAT and IPPs in 2025-26E).We expect the potential reclaim of EGAT's Ft subsidies to be the next price catalyst for SPP operators.

AIM Industrial Growth Freehold and Leasehold (AIMIRT TB)

AIM Industrial Growth Freehold and Leasehold

Expect Lower 4Q23E NP QoQ; Solid 2024E Earnings

Global Power Synergy

Expect Lower 4Q23E NP QoQ; Solid 2024E Earnings