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>We maintain our Outperform rating with a new 12-month forward fair value of Bt4.96, based on a required return of 19.7% and a target PER of 5.0x (vs. Bt5.25, required return of 20.9%).</li><li>Our valuation implies around 10% upside from the current share price, while we expect earnings to grow at a 12% CAGR over 2026-28E.</li><li>The QoQ earnings recovery in 2Q26 suggests quarterly earnings bottomed in 1Q26.</li></ul>

We maintain our Outperform rating with a new 12-month forward fair value of Bt4.96, based on a required return of 19.7% and a target PER of 5.0x (vs. Bt5.25, required return of 20.9%).Our valuation implies around 10% upside from the current share price, while we expect earnings to grow at a 12% CAGR over 2026-28E.The QoQ earnings recovery in 2Q26 suggests quarterly earnings bottomed in 1Q26.

NORTH EAST RUBBER Plc. (NER): Improved QoQ Margins Supported Earnings - Outperform (12M FWD Fair Value Bt4.96)

North East Rubber

NORTH EAST RUBBER Plc. (NER): Improved QoQ Margins Supported Earnings - Outperform (12M FWD Fair Value Bt4.96)