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

Total Access Communication / Equity Bottom-Up

<ul><li>The recent technical disruption raised concern over DTAC's inferior network quality, which leads us to trim service revenue and the bottom line.</li><li>Our Buy rating on DTAC is based on its undemanding valuation, trading at 2021E EV/EBITDA of 3.7x, with 18% upside to our new 2021E DCF-based target price of Bt39.80 (WACC 8.7%, LT growth 2%).</li><li>The consent to utilize TOT's 2300MHz for 5G services will be the catalyst.</li></ul>

The recent technical disruption raised concern over DTAC's inferior network quality, which leads us to trim service revenue and the bottom line.Our Buy rating on DTAC is based on its undemanding valuation, trading at 2021E EV/EBITDA of 3.7x, with 18% upside to our new 2021E DCF-based target price of Bt39.80 (WACC 8.7%, LT growth 2%).The consent to utilize TOT's 2300MHz for 5G services will be the catalyst.

Total Access Communication

Total Access Communication Plc. (DTAC)