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 downgrade to Underperform (from Outperform) with a new 12M forward FV of Bt30.00 (from Bt30.25), based on a 10.5% required return (from 10.9%), reflecting revised ERP assumptions and an updated forecast range.</li><li>The share price has surged 37% since our last report (January 15, 2025), leaving valuations stretched. Tactical upside now appears very limited (vs. very limited downside previously).</li><li>Amid quality-driven growth and a strong balance sheet (solid asset quality; D/E ~1.5x), the company should be able to sustain a high dividend payout, having declared Bt1.77 per share for 2025 (XD: April 10), implying a 2025 dividend yield of 5.2%.</li></ul>

We downgrade to Underperform (from Outperform) with a new 12M forward FV of Bt30.00 (from Bt30.25), based on a 10.5% required return (from 10.9%), reflecting revised ERP assumptions and an updated forecast range.The share price has surged 37% since our last report (January 15, 2025), leaving valuations stretched. Tactical upside now appears very limited (vs. very limited downside previously).Amid quality-driven growth and a strong balance sheet (solid asset quality; D/E ~1.5x), the company should be able to sustain a high dividend payout, having declared Bt1.77 per share for 2025 (XD: April 10), implying a 2025 dividend yield of 5.2%.

KRUNGTHAI CARD Plc. (KTC): Quality-Driven Growth; A Strong Balance Sheet

Krungthai Card

KRUNGTHAI CARD Plc. (KTC): Quality-Driven Growth; A Strong Balance Sheet