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>The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.</li><li>Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.</li><li>Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.</li></ul>

The finance sector firms under our coverage reported a combined net profit of Bt4.13bn in 2Q24, marking an increase of 2.5% YoY but a decline of 3.1% QoQ.Overall, provisioning accelerated across the board due to deteriorated asset quality, with the exception of MTC.Hence, we have adjusted our investment rating to Neutral for the auto title loan segment while maintaining a Neutral stance on truck hire purchase loan providers.

MMTEC Inc

Recovery Expectations Already Priced In