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>SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.</li><li>The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.</li><li>Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).</li></ul>

SCGP reported steady growth in 2Q21, which was in line with our expectation, and the momentum should continue in 2H21E.The firm's earnings are expected to achieve a 31% CAGR in the next two years, driven by production capacity expansion and M&A deals to support growth in the client base, including large producers of consumer goods.Our Buy rating is reaffirmed, with the target price of Bt69.50/share (DCF, WACC 6.9%, LT growth 2%).

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR

SCG Packaging

Steady Growth in 2Q21; Two-Year Growth at a 31% CAGR