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

Central Pacific Financial Corp / Equity Bottom-Up

<ul><li>We have a positive view on CPF's subsidiary issuing EBs because the interest rate is lower than CPF's current finance cost.</li><li>Meanwhile, the net impact from EPS dilution will be just 1% in the next five years.</li><li>We still have CPF as our top pick in the sector given its undemanding valuation with a 2020E PER of just 12.2x, while its core profit is expected to grow by 33%.</li></ul>

We have a positive view on CPF's subsidiary issuing EBs because the interest rate is lower than CPF's current finance cost.Meanwhile, the net impact from EPS dilution will be just 1% in the next five years.We still have CPF as our top pick in the sector given its undemanding valuation with a 2020E PER of just 12.2x, while its core profit is expected to grow by 33%.

Central Pacific Financial Corp

Issuing EBs with Low Interest Rate