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 Hold rating on HUMAN, with the new target price of Bt11.12/share (DCF, WACC at 8.6%, terminal growth rate at 2%).</li><li>We project the firm's earnings to grow at a 20% CAGR during 2021-2022E, driven by growth in both the existing business and potential markets.</li><li>Furthermore, the shift toward the new service focusing on the B2B2C model will create upside risk, which is expected to become more apparent in 2022E.</li></ul>

We maintain a Hold rating on HUMAN, with the new target price of Bt11.12/share (DCF, WACC at 8.6%, terminal growth rate at 2%).We project the firm's earnings to grow at a 20% CAGR during 2021-2022E, driven by growth in both the existing business and potential markets.Furthermore, the shift toward the new service focusing on the B2B2C model will create upside risk, which is expected to become more apparent in 2022E.

Human Interest

Growing Organically and Inorganically