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 has upgraded our recommendation to a Buy rating (from Outperform previously), with a new 2025E fair value (FV) of Bt18.14 (from Bt19.94 previously), based on a required return of 6.28%, reflecting the target PER of 15.9x.</li><li>With the stock price downturn lately, the valuation metrics indicate that the current upside is attractive.</li><li>Meanwhile, although the 2025E earnings are likely to be sluggish, its growth trajectory beyond that should remain strong.</li></ul>

KTX has upgraded our recommendation to a Buy rating (from Outperform previously), with a new 2025E fair value (FV) of Bt18.14 (from Bt19.94 previously), based on a required return of 6.28%, reflecting the target PER of 15.9x.With the stock price downturn lately, the valuation metrics indicate that the current upside is attractive.Meanwhile, although the 2025E earnings are likely to be sluggish, its growth trajectory beyond that should remain strong.

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