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>KTX upgrades our rating to Outperform from Neutral, with a 2025E fair value of Bt5.38, based on a required return of 20.7%, reflecting a PER target of 4.8x.</li><li>The valuation metrics suggest that the current share price is undervalued relative to the fundamentals, while earnings growth remains steady, alongside a neutral tactical view.</li><li>The 1Q25 earnings support a recovery path following the disappointing performance in 4Q24. </li></ul>

KTX upgrades our rating to Outperform from Neutral, with a 2025E fair value of Bt5.38, based on a required return of 20.7%, reflecting a PER target of 4.8x.The valuation metrics suggest that the current share price is undervalued relative to the fundamentals, while earnings growth remains steady, alongside a neutral tactical view.The 1Q25 earnings support a recovery path following the disappointing performance in 4Q24. 

Northeast Rubber Public Company Limited

North East Rubber - Strong 1Q25 Earnings