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

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>We maintain our Outperform rating, as the stock price remains attractive from a valuation perspective, both fundamentally (with an approximate upside of +15% to the fair value) and tactically (with very limited tactical downside risk, upgraded from the previous neutral view).</li><li>Meanwhile, the long-term growth outlook, assessed through core profit, is expected at a CAGR of 13% during 2024-26E, in line with the industry average.</li><li>The fair value based on the fundamentals is Bt21.60, derived using the earnings yield method with a required return of 4.2%.</li></ul>

We maintain our Outperform rating, as the stock price remains attractive from a valuation perspective, both fundamentally (with an approximate upside of +15% to the fair value) and tactically (with very limited tactical downside risk, upgraded from the previous neutral view).Meanwhile, the long-term growth outlook, assessed through core profit, is expected at a CAGR of 13% during 2024-26E, in line with the industry average.The fair value based on the fundamentals is Bt21.60, derived using the earnings yield method with a required return of 4.2%.

Samart Aviation Solutions - 4Q24 Earnings Growth on Seasonality