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>After the announcement of weak earnings results in 1QFY20/21, we decide to cut VGI's net profit estimates in FY20/21E and FY21/22E.</li><li>We maintain our Hold rating for VGI as we expect its earnings to improve gradually starting from 2QFY20/21E onward.</li><li>However, we anticipate earnings to be significantly better in 2HFY20/21E.</li></ul>

After the announcement of weak earnings results in 1QFY20/21, we decide to cut VGI's net profit estimates in FY20/21E and FY21/22E.We maintain our Hold rating for VGI as we expect its earnings to improve gradually starting from 2QFY20/21E onward.However, we anticipate earnings to be significantly better in 2HFY20/21E.

VGI

VGI: 2HFY20/21E to Be Challenging - Hold