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>Although the transaction is small relative to SCGP's business, it was priced attractively at around 0.4x P/S, versus SCGP's 1.0x.</li><li>It also offers synergy potential and reflects SCGP's expansion through mergers and partnerships (M&P).</li><li>We maintain an Outperform rating with a 12M forward FV of Bt33.75, based on a 4.0% required return and implying 24.8x PER.</li></ul>

Although the transaction is small relative to SCGP's business, it was priced attractively at around 0.4x P/S, versus SCGP's 1.0x.It also offers synergy potential and reflects SCGP's expansion through mergers and partnerships (M&P).We maintain an Outperform rating with a 12M forward FV of Bt33.75, based on a 4.0% required return and implying 24.8x PER.

SCG PACKAGING Plc. (SCGP): SCGP - TCG Acquires a 90% Stake in Thai Paper Packaging Producer JZF - Outperform (12M FWD Fair Value Bt33.75)

SCG Packaging

SCG PACKAGING Plc. (SCGP): SCGP - TCG Acquires a 90% Stake in Thai Paper Packaging Producer JZF - Outperform (12M FWD Fair Value Bt33.75)