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 attended VGI's analyst meeting and afterward made a downward revision to its earnings in FY21/22E and FY22/23E.</li><li>Accordingly, our SOTP-based TP was also lowered to Bt7.40 (vs. Bt7.80 previously).</li><li>We believe VGI's strategy to focus on the digital services business will enhance its earnings performance in the longer term but expect the negative impact from COVID-19 on media revenue to continue pressuring the share price.</li></ul>

We attended VGI's analyst meeting and afterward made a downward revision to its earnings in FY21/22E and FY22/23E.Accordingly, our SOTP-based TP was also lowered to Bt7.40 (vs. Bt7.80 previously).We believe VGI's strategy to focus on the digital services business will enhance its earnings performance in the longer term but expect the negative impact from COVID-19 on media revenue to continue pressuring the share price.

VGI

Short-Term Pain, Long-Term Gain