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 switch our rating to Outperform (from Buy) as the long-term growth, represented by 24M EPS growth in the valuation metrics, has been adjusted from strong growth to steady growth, following a shift in the benchmark to compare with the industry average (from the fixed benchmark previously).</li><li>MASTER remains attractive from a fundamental valuation perspective, with the current share price offering 17.1% upside compared to the new 2025E fair value (FV) of Bt54.76 (revised down from Bt58.50).</li><li>This adjustment is based on a new required return rate of 3.7%, up from the previous 3.4%.</li></ul>

We switch our rating to Outperform (from Buy) as the long-term growth, represented by 24M EPS growth in the valuation metrics, has been adjusted from strong growth to steady growth, following a shift in the benchmark to compare with the industry average (from the fixed benchmark previously).MASTER remains attractive from a fundamental valuation perspective, with the current share price offering 17.1% upside compared to the new 2025E fair value (FV) of Bt54.76 (revised down from Bt58.50).This adjustment is based on a new required return rate of 3.7%, up from the previous 3.4%.

Master Style - 4Q24E Performance to Hit a Record High