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>ADVANC underperformed the SET in 2019 due to its stagnant earnings as a result of the new Capex cycle, but we retain our positive view on its long-term outlook.</li><li>We thus keep our Buy rating on ADVANC on its undemanding valuation, trading at 2021E EV/EBITDA of 8.0x vs. the LT average of 8.5x.</li><li>Its solid cash flow will secure a yield of around 3-4% annually.</li></ul>

ADVANC underperformed the SET in 2019 due to its stagnant earnings as a result of the new Capex cycle, but we retain our positive view on its long-term outlook.We thus keep our Buy rating on ADVANC on its undemanding valuation, trading at 2021E EV/EBITDA of 8.0x vs. the LT average of 8.5x.Its solid cash flow will secure a yield of around 3-4% annually.

Advanced Info Service

Upbeat 4Q20E Earnings on Extra Items