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 switched our rating for MASTER to Buy (from Neutral) on its attractive valuation in terms of both the fundamental and tactical aspects.</li><li>Meanwhile, the earnings performance is on an upcycle trend, driven by both organic growth (with the higher capacity of operating rooms) and inorganic growth through M&amp;P (Mergers &amp; Partnerships).</li><li>The fair value based on the earnings yield method has been raised to Bt73.0 (vs. Bt71.3 previously) following the upward earnings revision to reflect a more positive outcome from shared profit from associates, discounted by a required rate of return of 3.0% (vs. 3.3% previously) </li></ul>

We have switched our rating for MASTER to Buy (from Neutral) on its attractive valuation in terms of both the fundamental and tactical aspects.Meanwhile, the earnings performance is on an upcycle trend, driven by both organic growth (with the higher capacity of operating rooms) and inorganic growth through M&amp;P (Mergers &amp; Partnerships).The fair value based on the earnings yield method has been raised to Bt73.0 (vs. Bt71.3 previously) following the upward earnings revision to reflect a more positive outcome from shared profit from associates, discounted by a required rate of return of 3.0% (vs. 3.3% previously) 

Master Style - Upgrade Rating on Attractive Valuation