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>KTX maintains an Outperform rating, with a revised fair value of Bt12.30, based on the earnings yield method and a required return of 9.1%, reflecting a target PER of 11.0x.</li><li>The valuation metrics indicate that the current share price offers attractive upside of 13% to the fair value, alongside strong earnings growth relative to peers and a neutral tactical view.</li><li>The stock is significantly undervalued. As of 1Q25, ITC had a net cash position of Bt13.3bn, compared to its current market capitalization of Bt32.7bn — implying an enterprise value (EV) of Bt19.4bn.</li></ul>

KTX maintains an Outperform rating, with a revised fair value of Bt12.30, based on the earnings yield method and a required return of 9.1%, reflecting a target PER of 11.0x.The valuation metrics indicate that the current share price offers attractive upside of 13% to the fair value, alongside strong earnings growth relative to peers and a neutral tactical view.The stock is significantly undervalued. As of 1Q25, ITC had a net cash position of Bt13.3bn, compared to its current market capitalization of Bt32.7bn — implying an enterprise value (EV) of Bt19.4bn.

I-Tail Corporation - 2Q25E Earnings to Recede YoY but Recover QoQ

I-TAIL

I-Tail Corporation - 2Q25E Earnings to Recede YoY but Recover QoQ