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 “Buy,” with the current price offering ~45% upside to the new FV. Long-term growth remains above the industry average, with limited tactical downside.</li><li>We raise our fair value (FV) to Bt2.30 (from Bt2.27), rolling forward to a 12-month FV, based on a required return of 7.5% and updated macro assumptions: Rf 1.04% and MRP 5.74% (from 1.48% / 5.26%).</li><li>THANI stands out with strong asset quality, low repossessed car inventory, and a solid balance sheet (D/E ~2.0x), offering a ~5% dividend yield.</li></ul>

We maintain “Buy,” with the current price offering ~45% upside to the new FV. Long-term growth remains above the industry average, with limited tactical downside.We raise our fair value (FV) to Bt2.30 (from Bt2.27), rolling forward to a 12-month FV, based on a required return of 7.5% and updated macro assumptions: Rf 1.04% and MRP 5.74% (from 1.48% / 5.26%).THANI stands out with strong asset quality, low repossessed car inventory, and a solid balance sheet (D/E ~2.0x), offering a ~5% dividend yield.

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