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>The 4Q24 and 2024 earnings declined YoY due to a 3.7% and 4.6% drop in SSSG, respectively, alongside higher operating expenses to sales.</li><li>We maintain our projection calling for two-year earnings growth at a CAGR of 9%, while EPS growth is projected at a CAGR of 6%, reflecting dilution from stock dividends. SSSG is forecast at +1% and +2% in the next two years.</li><li>The valuation metrics suggest maintaining a buy based on the current fundamentals, as the share price decline has opened upside to the new fair value.</li></ul>

The 4Q24 and 2024 earnings declined YoY due to a 3.7% and 4.6% drop in SSSG, respectively, alongside higher operating expenses to sales.We maintain our projection calling for two-year earnings growth at a CAGR of 9%, while EPS growth is projected at a CAGR of 6%, reflecting dilution from stock dividends. SSSG is forecast at +1% and +2% in the next two years.The valuation metrics suggest maintaining a buy based on the current fundamentals, as the share price decline has opened upside to the new fair value.

Siam Global House - 4Q24 and 2024 Earnings Declined; Lower 2025 YTD SSSG