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 maintain our Outperform rating, with a fair value of Bt21.35.</li><li>The 4Q23E core profit is expected at Bt173mn (+13% YoY and +8% QoQ), driven by sales growth, which should have remained stable YoY but decreased 8% QoQ to Bt1.6bn.</li><li>The 2023E NP forecast of Bt644mn, up 25%, is maintained (the firm will report its earnings on February 20).</li></ul>

We maintain our Outperform rating, with a fair value of Bt21.35.The 4Q23E core profit is expected at Bt173mn (+13% YoY and +8% QoQ), driven by sales growth, which should have remained stable YoY but decreased 8% QoQ to Bt1.6bn.The 2023E NP forecast of Bt644mn, up 25%, is maintained (the firm will report its earnings on February 20).

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