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

<div><div><div><div><ul><li>The slowdown in overseas sales prompted us to revise down our 2023-24E earnings projections by 23% and 19%, respectively, resulting in a new 2023E fair value of Bt32.60, based on a PER of 9x.</li><li>We maintain our Hold rating given THIP’s healthy earningskoi2015, with a firm financial status and a net cash position, alongside an expected dividend yield of 4-5% p.a.</li><li>THIP reported a 4Q22 net profit of Bt36mn, down by 73% YoY and 66% QoQ.</li></ul></div></div></div></div>

The slowdown in overseas sales prompted us to revise down our 2023-24E earnings projections by 23% and 19%, respectively, resulting in a new 2023E fair value of Bt32.60, based on a PER of 9x.We maintain our Hold rating given THIP’s healthy earningskoi2015, with a firm financial status and a net cash position, alongside an expected dividend yield of 4-5% p.a.THIP reported a 4Q22 net profit of Bt36mn, down by 73% YoY and 66% QoQ.

Thantawan Industry (THIP) - Healthy Earnings