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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>KTX has upgraded our rating to Neutral (FV of Bt10.56 based on a required return of 10.1%).</li><li>The valuation metrics suggest a neutral view in terms of the fundamentals and the long-term prospects, as well as tactically, after the share price fall of over 20% since January 27, 2023, when we released a report with an Underperform rating.</li><li>Although the earnings outlook remains gloomy, the firm’s broiler business should be immune to pressure from the sharp falls in swine prices while also benefitting from the peak sales season for broiler exports.</li></ul>

KTX has upgraded our rating to Neutral (FV of Bt10.56 based on a required return of 10.1%).The valuation metrics suggest a neutral view in terms of the fundamentals and the long-term prospects, as well as tactically, after the share price fall of over 20% since January 27, 2023, when we released a report with an Underperform rating.Although the earnings outlook remains gloomy, the firm’s broiler business should be immune to pressure from the sharp falls in swine prices while also benefitting from the peak sales season for broiler exports.

GFPT - Gloomy Outlook; Two-Year Earnings to Mark A -17% CAGR