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 a Neutral rating with a new 12-month fair value (FV) of Bt31.00 (previously Bt42.20).</li><li>The new fair value reflects: i) downward revisions of the 2024-27E earnings forecasts; and ii) an increase in the required return to 9.4% (from 8.8%) following adjustments to the macroeconomic assumptions — the Rf and MRP were revised to 2.07% and 5.58%, respectively (from 2.27% and 4.43%).</li><li>The company’s long-term growth outlook remains below the industry average, with modest loan portfolio expansion. Net profit is expected to contract by 7.4% in 2025E before recovering at a 7.8% CAGR during 2026- 2027E.</li></ul>

We maintain a Neutral rating with a new 12-month fair value (FV) of Bt31.00 (previously Bt42.20).The new fair value reflects: i) downward revisions of the 2024-27E earnings forecasts; and ii) an increase in the required return to 9.4% (from 8.8%) following adjustments to the macroeconomic assumptions — the Rf and MRP were revised to 2.07% and 5.58%, respectively (from 2.27% and 4.43%).The company’s long-term growth outlook remains below the industry average, with modest loan portfolio expansion. Net profit is expected to contract by 7.4% in 2025E before recovering at a 7.8% CAGR during 2026- 2027E.

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