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 of Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x and a PEG of 1.0x, derived from an average EPS CAGR of 27.6% during 2024-26E.</li><li>We hold a positive view on OKJ’s business, which continues to expand despite the economic slowdown.</li><li>This is supported by the potential to launch new brands and the ongoing branch expansion, driven by its penetration into the health food market.</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x and a PEG of 1.0x, derived from an average EPS CAGR of 27.6% during 2024-26E.We hold a positive view on OKJ’s business, which continues to expand despite the economic slowdown.This is supported by the potential to launch new brands and the ongoing branch expansion, driven by its penetration into the health food market.

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