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

Sri Trang Agro Industry / Equity Bottom-Up

<ul><li>We maintain our Outperform rating but revise our 12month fair value to Bt14.70 (from Bt20.12), based on a required return of 5.71% and a target PER of 17.5x.</li><li>Technical specified rubber (TSR) exports appear to have been affected by US reciprocal tariffs, with July export value at Bt7.1bn — up 5% MoM but down 37% YoY.</li><li>We expect rubber prices to weaken over the next four months, as earlier La Niña conditions supported higher production in Thailand and Indonesia, adding pressure on prices.</li></ul>

We maintain our Outperform rating but revise our 12month fair value to Bt14.70 (from Bt20.12), based on a required return of 5.71% and a target PER of 17.5x.Technical specified rubber (TSR) exports appear to have been affected by US reciprocal tariffs, with July export value at Bt7.1bn — up 5% MoM but down 37% YoY.We expect rubber prices to weaken over the next four months, as earlier La Niña conditions supported higher production in Thailand and Indonesia, adding pressure on prices.

SRI TRANG AGRO-INDUSTRY Plc. (STA): Tariff Headwinds, But Recovery Ahead