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 a Neutral rating, as the stock valuation remains fundamentally attractive (with 31% upside to the fair value).</li><li>However, this is overshadowed by a weaker earnings growth outlook compared to the industry.</li><li>EPS growth is expected at a CAGR of +0.5% in 2024-26E, significantly lagging the industry average of +6.4% due to a high base effect. Inaddition, the tactical outlook remains neutral.</li></ul>

We maintain a Neutral rating, as the stock valuation remains fundamentally attractive (with 31% upside to the fair value).However, this is overshadowed by a weaker earnings growth outlook compared to the industry.EPS growth is expected at a CAGR of +0.5% in 2024-26E, significantly lagging the industry average of +6.4% due to a high base effect. Inaddition, the tactical outlook remains neutral.

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