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 downgrade our rating for HTC to Neutral (from Outperform).</li><li>The stock still offers about 11% upside to our new FV of Bt17.40, based on a required return of 9.3% (previously Bt19.20 and 8.1%), following a downward revision to our earnings forecasts.</li><li>We now project 2Y EPS CAGR of 3.1%, which trails the industry average.</li></ul>

We downgrade our rating for HTC to Neutral (from Outperform).The stock still offers about 11% upside to our new FV of Bt17.40, based on a required return of 9.3% (previously Bt19.20 and 8.1%), following a downward revision to our earnings forecasts.We now project 2Y EPS CAGR of 3.1%, which trails the industry average.

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