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 a Buy rating. Our valuation metrics suggest that the valuation is attractive in terms of the fundamentals and the tactical view.</li><li>Meanwhile, the earnings outlook is on an upcycle trend, driven by both organic growth (with the higher capacity of service rooms and growing number of physicians) and inorganic growth</li><li>MASTER's 1Q24 net profit came out in line with our forecast at Bt106mn, up 49% YoY thanks to better cost management and the realization of shared profit from associates.</li></ul>

We maintain a Buy rating. Our valuation metrics suggest that the valuation is attractive in terms of the fundamentals and the tactical view.Meanwhile, the earnings outlook is on an upcycle trend, driven by both organic growth (with the higher capacity of service rooms and growing number of physicians) and inorganic growthMASTER's 1Q24 net profit came out in line with our forecast at Bt106mn, up 49% YoY thanks to better cost management and the realization of shared profit from associates.

Master Style - In-Line 1Q24 Earnings; Stronger Momentum in the Next Quarter