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>Core profit for 4Q24E is expected to have grown beyond the previously estimated range due to effective cost control, resulting in a stronger-than-expected EBITDA margin.</li><li>In addition, the 1Q25E profit is anticipated to continue expanding YoY, supported by high booking volume and no significant cancellations related to safety concerns among Chinese tourists.</li><li>Following the upward revision to the profit estimates, the new fair value (FV) is Bt4.88, based on a required return of 3.9% (vs. the FV of Bt4.70 based on a required return of 3.4% previously).</li></ul>

Core profit for 4Q24E is expected to have grown beyond the previously estimated range due to effective cost control, resulting in a stronger-than-expected EBITDA margin.In addition, the 1Q25E profit is anticipated to continue expanding YoY, supported by high booking volume and no significant cancellations related to safety concerns among Chinese tourists.Following the upward revision to the profit estimates, the new fair value (FV) is Bt4.88, based on a required return of 3.9% (vs. the FV of Bt4.70 based on a required return of 3.4% previously).

The Erawan Group - Better 4Q24E Earnings Outlook Due to Strong EBITDA Margin