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

<div><div><div><ul><li>SAPPE’s earnings are expected to achieve a two-year CAGR of 16%, down from a 39% CAGR in 2021-23E due to the high base in 2022, with a lower dividend yield at 3-4% p.a. vs. 5% expected previously.</li><li>Our valuation matrix suggests a downgrade of our rating to Underperform because the share price is fully valued and already reflects the bright earnings prospects in the next few years.</li><li><div><div><p>KTX continues to believe that the successful expansion of Mogu Mogu products to overseas markets creates the possibility for SAPPE to expand its other products, which would drive sales growth.</p></div></div></li></ul></div></div></div>

SAPPE’s earnings are expected to achieve a two-year CAGR of 16%, down from a 39% CAGR in 2021-23E due to the high base in 2022, with a lower dividend yield at 3-4% p.a. vs. 5% expected previously.Our valuation matrix suggests a downgrade of our rating to Underperform because the share price is fully valued and already reflects the bright earnings prospects in the next few years.KTX continues to believe that the successful expansion of Mogu Mogu products to overseas markets creates the possibility for SAPPE to expand its other products, which would drive sales growth.

Sappe - Share Price Has Already Factored in Strong Earnings Prospects

Sappe Pcl

Sappe - Share Price Has Already Factored in Strong Earnings Prospects