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>4Q24E and 2024E earnings are expected to have declined by 12% YoY due to a 2.5% and 4.5% drop in same-store sales growth (SSSG), respectively.</li><li>Two-year earnings growth is projected at a CAGR of 9%, supported by expected SSSG of +1% and +2% and a stable or declining gross profit margin (GPM).</li><li>The valuation metrics indicate that the stock price is now below its current fair value (vs. above previously). </li></ul>

4Q24E and 2024E earnings are expected to have declined by 12% YoY due to a 2.5% and 4.5% drop in same-store sales growth (SSSG), respectively.Two-year earnings growth is projected at a CAGR of 9%, supported by expected SSSG of +1% and +2% and a stable or declining gross profit margin (GPM).The valuation metrics indicate that the stock price is now below its current fair value (vs. above previously). 

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