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 have revised down our 2021-22E net profit forecasts for PORT.</li><li>This resulted in our 2021E TP being lowered to Bt2.80 (vs. Bt3.20 previously), based on PER of 23x (i.e., the two-year historical average).</li><li>However, we continue to expect earnings to pick up in 2H21E and maintain a Hold rating.</li></ul>

We have revised down our 2021-22E net profit forecasts for PORT.This resulted in our 2021E TP being lowered to Bt2.80 (vs. Bt3.20 previously), based on PER of 23x (i.e., the two-year historical average).However, we continue to expect earnings to pick up in 2H21E and maintain a Hold rating.

Number of Containers Serviced Has Not Yet Normalized

Southport Acquisition

Number of Containers Serviced Has Not Yet Normalized