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 have a neutral view after the conference call with VGI, as the impact from the COVID-19 outbreak will continue to pressure the earnings performance while the bright prospects of KETH and digital services income are unlikely to offset the negatives.</li><li>We slightly cut VGI's earnings in the next two years, with the TP unchanged at Bt8.00 (SOTP).</li><li>As the outlook remains uncertain, we maintain our Hold rating for VGI.</li></ul>

We have a neutral view after the conference call with VGI, as the impact from the COVID-19 outbreak will continue to pressure the earnings performance while the bright prospects of KETH and digital services income are unlikely to offset the negatives.We slightly cut VGI's earnings in the next two years, with the TP unchanged at Bt8.00 (SOTP).As the outlook remains uncertain, we maintain our Hold rating for VGI.

VGI

Uncertainty Remains