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>MINT reported a 2Q24 core profit of Bt3.2bn (+8% YoY and a turnaround from the loss of Bt352mn in 1Q24), slightly below our projection by 6% due to a narrower-than-expected GPM from hotels.</li><li>We anticipate an improvement in 2H24E core profit, driven by the high season in Europe and the beginning of the peak tourism season in Thailand in 4Q24E.</li><li>We project two-year earnings growth (2024-26E) at a CAGR of +11%. </li></ul>

MINT reported a 2Q24 core profit of Bt3.2bn (+8% YoY and a turnaround from the loss of Bt352mn in 1Q24), slightly below our projection by 6% due to a narrower-than-expected GPM from hotels.We anticipate an improvement in 2H24E core profit, driven by the high season in Europe and the beginning of the peak tourism season in Thailand in 4Q24E.We project two-year earnings growth (2024-26E) at a CAGR of +11%. 

Minor International - In-Line 2Q24 Core Profit