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>TTW is expected to post an outstanding net profit in 3Q20E thanks to a big jump in shared profit from CKP, whose earnings should pick up strongly during the high season.</li><li>The performance of the tap water business should remain resilient, with the secured and stable cash flow to enable TTW to offer an attractive dividend yield of 5%.</li><li>We lift our rating to Buy given the ample upside to our 2021E SOTP-based target price of Bt13.90.</li></ul>

TTW is expected to post an outstanding net profit in 3Q20E thanks to a big jump in shared profit from CKP, whose earnings should pick up strongly during the high season.The performance of the tap water business should remain resilient, with the secured and stable cash flow to enable TTW to offer an attractive dividend yield of 5%.We lift our rating to Buy given the ample upside to our 2021E SOTP-based target price of Bt13.90.

TTW

Uplift Rating to Buy