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 maintain an Outperform rating with a new fair value of Bt33.00, based on a required return of 9.3% (previously Bt45.50 and 6.6%), reflecting changes in our macro assumptions: Rf = 1.48%, MRP = 6.83% (previously 2.07% and 5.58%).</li><li>The new fair value offers approximately 19% upside from the current market price.</li><li>The long-term growth outlook is weaker than peers, with net profit expected to grow at a CAGR of 5% during 2025- 27E. The tactical downside risk is very limited.</li></ul>

We maintain an Outperform rating with a new fair value of Bt33.00, based on a required return of 9.3% (previously Bt45.50 and 6.6%), reflecting changes in our macro assumptions: Rf = 1.48%, MRP = 6.83% (previously 2.07% and 5.58%).The new fair value offers approximately 19% upside from the current market price.The long-term growth outlook is weaker than peers, with net profit expected to grow at a CAGR of 5% during 2025- 27E. The tactical downside risk is very limited.

Krungthai Card - In-Line Earnings; Better Asset Quality