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 expect 4Q24E core profit to have declined YoY but increased QoQ, coming in lower than previously estimated.</li><li>As a result, we revise down our 2024E core profit forecast by 5% and also lower our 2025-26E estimates, reflecting delays in recognizing the transfers at Vietnam industrial estates and a decrease in asset sales to the REIT.</li><li>However, we maintain our presale estimate at a high level of 2,400 rai, leading to a +10% CAGR in core EPS for 2024-26E, which is lower than the industry average of 17%.</li></ul>

We expect 4Q24E core profit to have declined YoY but increased QoQ, coming in lower than previously estimated.As a result, we revise down our 2024E core profit forecast by 5% and also lower our 2025-26E estimates, reflecting delays in recognizing the transfers at Vietnam industrial estates and a decrease in asset sales to the REIT.However, we maintain our presale estimate at a high level of 2,400 rai, leading to a +10% CAGR in core EPS for 2024-26E, which is lower than the industry average of 17%.

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