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 an Neutral rating and the 12M fair value at Bt42.75, based on the earnings yield with a required return of 8.8%.</li><li>4Q24 profit retreated (-3.3% YoY, -5.9% QoQ) due to a shrinking loan portfolio and narrowing interest margin, while asset quality continued to improve.</li><li>As the loan portfolio contracted more than expected, there is downside risk to our 2025-26E profit forecasts.</li></ul>

We maintain an Neutral rating and the 12M fair value at Bt42.75, based on the earnings yield with a required return of 8.8%.4Q24 profit retreated (-3.3% YoY, -5.9% QoQ) due to a shrinking loan portfolio and narrowing interest margin, while asset quality continued to improve.As the loan portfolio contracted more than expected, there is downside risk to our 2025-26E profit forecasts.

Srisawad Corporation - Reserves and Repossession Losses Decreased, but Loans Contracted

Srisawad Power 1979

Srisawad Corporation - Reserves and Repossession Losses Decreased, but Loans Contracted