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>KTX holds a more bullish view on TU after the firm divested its minority investment in RL to reduce losses and withdraw its financial support.</li><li>Hence, the 2024-25E earnings have been revised up from our previous projections.</li><li>TU's valuation has become more attractive.</li></ul>

KTX holds a more bullish view on TU after the firm divested its minority investment in RL to reduce losses and withdraw its financial support.Hence, the 2024-25E earnings have been revised up from our previous projections.TU's valuation has become more attractive.

Thai Union Group (TU): 2023E Earnings in the Red Due to Impairment From RL but Will Return to the Black in 2024-25E – Outperform (12M FWD Fair Value Bt16.20)