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 have downgraded our rating for MASTER to Neutral (from Buy), as our valuation metrics reflect tight valuations both in terms of the fundamental and tactical aspects after the share price increased by more than 10.6% since our previous report.</li><li>However, the long-term earnings prospects remain strong, with the earnings upcycle to be driven by both organic growth (i.e., increasing the number of service rooms and physician teams) and inorganic growth.</li><li>We have raised our 12M fair value to Bt71.25, based on the earnings yield, up 10.0% from the previous price to reflect a lower required rate of return.</li></ul>

We have downgraded our rating for MASTER to Neutral (from Buy), as our valuation metrics reflect tight valuations both in terms of the fundamental and tactical aspects after the share price increased by more than 10.6% since our previous report.However, the long-term earnings prospects remain strong, with the earnings upcycle to be driven by both organic growth (i.e., increasing the number of service rooms and physician teams) and inorganic growth.We have raised our 12M fair value to Bt71.25, based on the earnings yield, up 10.0% from the previous price to reflect a lower required rate of return.

Master Style - S-T Fully Valued, but Earnings Momentum on an Uptrend