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>The valuation metrics suggest maintaining a buy based on the current fundamentals, as the stock price decline has opened over 30% upside.</li><li>However, the long-term growth remains weak, in line with the sector, with core profit growth expected at just a 4.5% CAGR over the next two years.</li><li>From the tactical perspective, we downgrade our view to neutral (previously limited downside risk), but maintain the fair value of Bt16.50, based on a required return of 6.6%. The estimated dividend yield is around 5.6% per year.</li></ul>

The valuation metrics suggest maintaining a buy based on the current fundamentals, as the stock price decline has opened over 30% upside.However, the long-term growth remains weak, in line with the sector, with core profit growth expected at just a 4.5% CAGR over the next two years.From the tactical perspective, we downgrade our view to neutral (previously limited downside risk), but maintain the fair value of Bt16.50, based on a required return of 6.6%. The estimated dividend yield is around 5.6% per year.

Thai Union Group - In-Line 4Q24 and 2024 Earnings; Dividend Yield of 5.6% Expected