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>IRPC got off to a weak start by marking a massive loss in 1Q20 as expected.</li><li>We see no positive catalyst in the near term and maintain a Hold rating, with the 2020E TP of Bt2.40.</li><li>IRPC reported a massive loss of Bt8.9bn in 1Q20 (in line with our forecast of -Bt8.8bn), dampened by the operational loss with a low market GIM that was unable to cover the unit cost, along with a substantial stock loss and LCM impact (-Bt6.8bn) and forex loss (-Bt720mn).</li></ul>

IRPC got off to a weak start by marking a massive loss in 1Q20 as expected.We see no positive catalyst in the near term and maintain a Hold rating, with the 2020E TP of Bt2.40.IRPC reported a massive loss of Bt8.9bn in 1Q20 (in line with our forecast of -Bt8.8bn), dampened by the operational loss with a low market GIM that was unable to cover the unit cost, along with a substantial stock loss and LCM impact (-Bt6.8bn) and forex loss (-Bt720mn).

Weak Start in 1Q20; Slight Core Momentum in 2Q20E