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, as the valuation metrics reflect attractiveness across all dimensions, with profit expected to reach its annual peak in 4Q24E, providing a short-term share price catalyst.</li><li>The latest stock price implies upside of 29% from the new fair value (FV) of Bt59.90 (vs. Bt58.50 previously) due to the rollover of the 12-month earnings forecast range, while the required <span style="font-size: var(--content-font-size);">return has decreased slightly to 3.3% (previously 3.4%) following </span>the new house view on the key macroeconomic indicators.</li><li>The tactical view has become more positive, with very limited downside risk (previously neutral), as the stock price has fallen below the valuation band by -1.5 S.D.</li></ul>

We maintain a Buy rating, as the valuation metrics reflect attractiveness across all dimensions, with profit expected to reach its annual peak in 4Q24E, providing a short-term share price catalyst.The latest stock price implies upside of 29% from the new fair value (FV) of Bt59.90 (vs. Bt58.50 previously) due to the rollover of the 12-month earnings forecast range, while the required return has decreased slightly to 3.3% (previously 3.4%) following the new house view on the key macroeconomic indicators.The tactical view has become more positive, with very limited downside risk (previously neutral), as the stock price has fallen below the valuation band by -1.5 S.D.

Master Style - Profit to Reach Its Annual Peak in 4Q24E