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

Regional Container Line / Equity Bottom-Up

<ul><li>We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).</li><li>The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.</li><li>RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.</li></ul>

We maintain a Neutral rating on RCL with a new 2025E fair value (FV) of Bt24.20 (from Bt30.00 previously).The stock price currently has downside of 3% to our FV of Bt24.20, based on a required rate of return of 17.36%, reflecting the target PER of 5.8x.RCL’s growth trajectory is categorized as weak, with the 2025-26E earnings to normalize from the 2024 upcycle.

Regional Container Lines - Solid 4Q24E but Upcycle Already Behind It