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>The 4Q23 and 2023 core profit beat our forecasts by 7% and 2%, respectively, due to better-than-expected earnings contributions from affiliates.</li><li>We maintain our 2024E core profit growth forecast of +12% to Bt1.45bn. The 1Q24E earnings momentum is expected to improve YoY and QoQ.</li><li>KTX maintains a Neutral rating, with a fair price of Bt12.03 (based on a required return of 9.12%).</li></ul>

The 4Q23 and 2023 core profit beat our forecasts by 7% and 2%, respectively, due to better-than-expected earnings contributions from affiliates.We maintain our 2024E core profit growth forecast of +12% to Bt1.45bn. The 1Q24E earnings momentum is expected to improve YoY and QoQ.KTX maintains a Neutral rating, with a fair price of Bt12.03 (based on a required return of 9.12%).

GFPT - Upbeat 4Q23 and 2023 Earnings; 1Q24E Profit to Grow Further