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

PTT Oil & Retail Business  / Equity Bottom-Up

<ul><li>We initiate OR with an Outperform rating (FV: Bt22.16), based on a required rate of return of 5.4%.</li><li>Our valuation matrix suggests that the current share price is fully valued.</li><li>The long- term earnings growth should gain positive momentum, with an expected 16% CAGR in 2023-25E, driven by the recovery in the mobility business and the expansion of the lifestyle business, while the tactical risk is neutral.</li></ul>

We initiate OR with an Outperform rating (FV: Bt22.16), based on a required rate of return of 5.4%.Our valuation matrix suggests that the current share price is fully valued.The long- term earnings growth should gain positive momentum, with an expected 16% CAGR in 2023-25E, driven by the recovery in the mobility business and the expansion of the lifestyle business, while the tactical risk is neutral.

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