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

Thematic (Sector/Industry)

Thailand Consumer discretionary / Thematic (Sector/Industry)

<ul><li>The 4Q24E earnings of auto parts manufacturers are expected to have continued slowing YoY, in line with the 25.2% YoY decline in auto output.</li><li>Although risks related to the weak performances have already been priced in, as evidenced by share prices underperforming the SET since 2024, the growth prospects remain at risk due to various surrounding factors.</li><li>As a result, we maintain an Underweight rating on the auto sector. However, attractive dividend yields may create a speculative trading opportunity during 1Q25.</li></ul>

The 4Q24E earnings of auto parts manufacturers are expected to have continued slowing YoY, in line with the 25.2% YoY decline in auto output.Although risks related to the weak performances have already been priced in, as evidenced by share prices underperforming the SET since 2024, the growth prospects remain at risk due to various surrounding factors.As a result, we maintain an Underweight rating on the auto sector. However, attractive dividend yields may create a speculative trading opportunity during 1Q25.

Industry Update: Automotive - JANUARY 29, 2025