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 (12M FV) of Bt42.25 (previously Bt42.75) after revising the profit estimates, based on the earnings yield method with a required return of 8.8%.</li><li>SAWAD remains fundamentally attractive, with its share price implying 22% upside potential to the fair value of Bt42.20..</li><li>The long-term growth is weaker compared to the industry, with profit expected to recover at a 10% CAGR in 2025-27E, driven by lower provisioning. </li></ul>

We maintain a Neutral rating with a new 12-month fair value (12M FV) of Bt42.25 (previously Bt42.75) after revising the profit estimates, based on the earnings yield method with a required return of 8.8%.SAWAD remains fundamentally attractive, with its share price implying 22% upside potential to the fair value of Bt42.20..The long-term growth is weaker compared to the industry, with profit expected to recover at a 10% CAGR in 2025-27E, driven by lower provisioning. 

Srisawad Corporation - To Resume Loan Growth in 2025E

Srisawad Power 1979

Srisawad Corporation - To Resume Loan Growth in 2025E