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 upgrade NWR's rating to Buy with the new target price of Bt0.68, pegged with 2021E PBV of 0.5x.</li><li>The positives for NWR include not only its success in gaining a record-high backlog, which will secure its top line, but also sustainable margin improvement.</li><li>The low PBV benchmark is justified in light of the volatile earnings risk.</li></ul>

We upgrade NWR's rating to Buy with the new target price of Bt0.68, pegged with 2021E PBV of 0.5x.The positives for NWR include not only its success in gaining a record-high backlog, which will secure its top line, but also sustainable margin improvement.The low PBV benchmark is justified in light of the volatile earnings risk.

Northwest Resources

Improving Outlook on Strong Margin