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 a Buy call (FV: Bt6.51). Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.</li><li>The 1Q24 earnings were as strong as expected, with further momentum likely in 2Q24E when average selling prices will fully reflect rising rubber prices.</li><li>We maintain our positive view on the rubber price trend as well as the earnings recovery outlook in 2024E.</li></ul>

We maintain a Buy call (FV: Bt6.51). Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.The 1Q24 earnings were as strong as expected, with further momentum likely in 2Q24E when average selling prices will fully reflect rising rubber prices.We maintain our positive view on the rubber price trend as well as the earnings recovery outlook in 2024E.

North East Rubber - In-Line 1Q24 Core Profit, with Stronger Momentum in 2Q24E