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 2025E fair value Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x.</li><li>This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.</li><li>We are positive on OKJ’s business as it continues to expand despite the sluggish economic environment, driven by potential new brand launches and its ongoing growth phase, supported by its penetration into the healthy segment.</li></ul>

We maintain our Outperform rating with a 2025E fair value Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x.This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.We are positive on OKJ’s business as it continues to expand despite the sluggish economic environment, driven by potential new brand launches and its ongoing growth phase, supported by its penetration into the healthy segment.

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