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 initiate coverage on PR9 with a “Buy” rating. KTX Valuation Metrics is positive on fundamentals, with the stock price implying 12% upside to the 2026E target price of Bt24.70 and very limited tactical downside risk. Long-term growth is assessed as neutral at 5%, in line with the industry average.</li><li>We derive a 2026E fair value of Bt24.70, based on the earnings yield method with a required return of 4.6%.</li><li>PR9 remains attractive with sustained growth in international patient revenue over the next 2–3 years and the potential to gain market share through reasonable service fees. Its valuation also trades below other single-facility operators, despite offering stronger growth prospects.</li></ul>

We initiate coverage on PR9 with a “Buy” rating. KTX Valuation Metrics is positive on fundamentals, with the stock price implying 12% upside to the 2026E target price of Bt24.70 and very limited tactical downside risk. Long-term growth is assessed as neutral at 5%, in line with the industry average.We derive a 2026E fair value of Bt24.70, based on the earnings yield method with a required return of 4.6%.PR9 remains attractive with sustained growth in international patient revenue over the next 2–3 years and the potential to gain market share through reasonable service fees. Its valuation also trades below other single-facility operators, despite offering stronger growth prospects.

PRARAM 9 HOSPITAL Plc.: International Patients To Remain Key Growth Driver In The Next Few Years

Praram 9 Hospital PCL

PRARAM 9 HOSPITAL Plc.: International Patients To Remain Key Growth Driver In The Next Few Years