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>Based on the valuation metrics, we maintain an Outperform rating, as the current share price implies about 30% upside to the new fair value, while the long- term outlook remains solid, with EPS expected to grow at a CAGR of 13% during 2025-27E).</li><li>The tactical downside risk is very limited.</li><li>We revise our new 12-month fair value (12M FV) to Bt48.50 (previously Bt56.50), based on a required return of 7.2% (previously 6.0%), reflecting updated macro assumptions, with an Rf of 1.47% and MRP of 6.83% (previously 2.07% and 5.58%).</li></ul>

Based on the valuation metrics, we maintain an Outperform rating, as the current share price implies about 30% upside to the new fair value, while the long- term outlook remains solid, with EPS expected to grow at a CAGR of 13% during 2025-27E).The tactical downside risk is very limited.We revise our new 12-month fair value (12M FV) to Bt48.50 (previously Bt56.50), based on a required return of 7.2% (previously 6.0%), reflecting updated macro assumptions, with an Rf of 1.47% and MRP of 6.83% (previously 2.07% and 5.58%).

Muangthai Capital - Expect Continued Earnings Growth YoY and QoQ in 2Q25E