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>We reinstate our recommendation on TIDLOR as Neutral following its shareholder restructuring and re-listing under Tidlor Holdings, with a 12-month fair value (FV) of Bt17.20.</li><li>Regarding the fundamentals, the share price offers 8.2% upside to our fair value (FV), while the tactical view suggests a neutral risk profile.</li><li>Long-term growth is in line with the industry average, with net profit expected to grow at a 12.8% CAGR during 2025-2027E, driven by lower provisioning as asset quality improves</li></ul>

We reinstate our recommendation on TIDLOR as Neutral following its shareholder restructuring and re-listing under Tidlor Holdings, with a 12-month fair value (FV) of Bt17.20.Regarding the fundamentals, the share price offers 8.2% upside to our fair value (FV), while the tactical view suggests a neutral risk profile.Long-term growth is in line with the industry average, with net profit expected to grow at a 12.8% CAGR during 2025-2027E, driven by lower provisioning as asset quality improves

Tidlor Holdings - Restructuring to Enhance Capital Management

Ngern Tid Lor

Tidlor Holdings - Restructuring to Enhance Capital Management