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 cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.</li><li>This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.</li><li>We thus switch our investment rating for BTS to Hold (from Buy previously).</li></ul>

We cut BTS's earnings in FY20/21E and FY21/22E owing mainly to our downward revision of shared profit from BTSGIF and U.This leads us to lower BTS's SOTP-based TP to Bt10 (vs. Bt13 previously), including the reduction in VGI's stake to 52% (vs. 67% previously) after the sale of 15% to strategic partners late last year.We thus switch our investment rating for BTS to Hold (from Buy previously).

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF TB)

BTS Rail Mass Transit Growth Infrastructure Fund

BTS Group

Waiting for Incremental Value