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 downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple regression model.</li><li>The share price has gained 6% since our last report, leaving limited upside.</li><li>Tactical PBV at +2 S.D. suggests limited upside risk, while long-term growth remains in line with the sector.</li></ul>

We downgrade our call to Neutral (from Outperform) with a 12M FV of Bt146.75, based on 0.98x PBV (from Bt142.60 and 0.96x), using a multiple regression model.The share price has gained 6% since our last report, leaving limited upside.Tactical PBV at +2 S.D. suggests limited upside risk, while long-term growth remains in line with the sector.

SCB X Plc. (SCB): Upbeat Earnings Already Priced In – Neutral (12M FWD Fair Value Bt146.75)

Siam Commercial Bank

SCB X Plc. (SCB): Upbeat Earnings Already Priced In – Neutral (12M FWD Fair Value Bt146.75)