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

Northeast Rubber Public Company Limited / Equity Bottom-Up

Northeast Rubber Public Company Limited (NER TB)

<ul><li>We maintain our Outperform rating with a 2025E fair value of Bt5.38, based on a required return of 20.7%, reflecting a target PER of 4.8x.</li><li>The valuation metrics indicate that the current share price is undervalued, while profit growth remains steady, and the tactical outlook is neutral</li><li>NER’s operations remain resilient to trade uncertainties.</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt5.38, based on a required return of 20.7%, reflecting a target PER of 4.8x.The valuation metrics indicate that the current share price is undervalued, while profit growth remains steady, and the tactical outlook is neutralNER’s operations remain resilient to trade uncertainties.

NORTH EAST RUBBER - 2Q25 Profit Sustained High