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 are not providing a recommendation on Ngern Tid Lor PCL (NTL), as the stock is set to be delisted from the SET once Tidlor Holdings PCL (TIDLOR) begins trading in mid- May 2025.</li><li>We revise our 12-month fair value (12M FV) to Bt17.20, down from Bt21.30, based on a higher required return of 9.9% (previously 7.8%), reflecting updated macroeconomic assumptions: Rf of 2.07% and MRP of 5.58% (previously 2.27% and 4.43%, respectively).</li><li>NTL’s 1Q25E net profit is expected at Bt1.1bn (-1.1% YoY, +4.5% QoQ), with the company anticipated to announce its results on May 8-9, 2025.</li></ul>

We are not providing a recommendation on Ngern Tid Lor PCL (NTL), as the stock is set to be delisted from the SET once Tidlor Holdings PCL (TIDLOR) begins trading in mid- May 2025.We revise our 12-month fair value (12M FV) to Bt17.20, down from Bt21.30, based on a higher required return of 9.9% (previously 7.8%), reflecting updated macroeconomic assumptions: Rf of 2.07% and MRP of 5.58% (previously 2.27% and 4.43%, respectively).NTL’s 1Q25E net profit is expected at Bt1.1bn (-1.1% YoY, +4.5% QoQ), with the company anticipated to announce its results on May 8-9, 2025.

Ngern Tid Lor - TIDLORの再上場に伴い、NTLは上場廃止の手続き中