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

Mr. DIY Holding (Thailand) / Equity Bottom-Up

<ul>
<li>We initiate coverage on MRDIYT with an Outperform rating and a 12-month fair value of Bt11.10, based on the earnings yield method using a required return of 5.5%.</li>
<li>We forecast earnings to grow at a 2025-28E CAGR of 14%, outperforming the sector average of 8%.</li>
<li>We expect ROCE to remain high at an average of 25% over 2026-28E, reflecting superior capital efficiency and exceeding the sector average of 18.2%.</li>
</ul>


We initiate coverage on MRDIYT with an Outperform rating and a 12-month fair value of Bt11.10, based on the earnings yield method using a required return of 5.5%.
We forecast earnings to grow at a 2025-28E CAGR of 14%, outperforming the sector average of 8%.
We expect ROCE to remain high at an average of 25% over 2026-28E, reflecting superior capital efficiency and exceeding the sector average of 18.2%.


MR. D.I.Y. HOLDING (THAILAND) Plc. (MRDIYT): Resilient Retail Infrastructure With Growth And Yield