Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

<ul><li>We upgrade our rating to Buy (previously Outperform) as the valuation metrics indicate strength across all dimensions.</li><li>The tactical view has been upgraded to very limited downside (previously Neutral) after an 8% price decline since the last report (November 1, 2024), bringing the gap between the share price and fair value (FV) below the 6-month average.</li><li>The stock remains attractive from a valuation perspective, with 41% upside from the fair value of Bt66.00, based on a required return of 5%.</li></ul>

We upgrade our rating to Buy (previously Outperform) as the valuation metrics indicate strength across all dimensions.The tactical view has been upgraded to very limited downside (previously Neutral) after an 8% price decline since the last report (November 1, 2024), bringing the gap between the share price and fair value (FV) below the 6-month average.The stock remains attractive from a valuation perspective, with 41% upside from the fair value of Bt66.00, based on a required return of 5%.

Muangthai Capital - Asset Quality Remains Well Managed

<ul>
<li>We downgrade our rating to Neutral (from Buy), with a new 12M FV of Bt45.0 (from Bt49.08) following our downward revisions to 2025-26E earnings projections.</li>
<li>KTX’s valuation metrics suggest that the current valuation is fully valued after the share price has risen has risen by 9% since our latest report on August 7, 2024.</li>
<li>The tactical view is also weaker (from limited downside to neutral). Meanwhile, the long-term earnings growth prospects are strong</li>
</ul>


We downgrade our rating to Neutral (from Buy), with a new 12M FV of Bt45.0 (from Bt49.08) following our downward revisions to 2025-26E earnings projections.
KTX’s valuation metrics suggest that the current valuation is fully valued after the share price has risen has risen by 9% since our latest report on August 7, 2024.
The tactical view is also weaker (from limited downside to neutral). Meanwhile, the long-term earnings growth prospects are strong


Muangthai Capital - Good Asset Quality Recovery; but Challenges to Loan Portfolio Growth

<ul><li>We switch to a Buy rating, with a new fair value of Bt49.08 (vs. Outperform and a fair value of Bt43.48 previously) following the adjustments to the house view assumptions on the macroeconomic variables.</li><li>The valuation metrics suggest that the share price implies potential upside of 21.9%.</li><li>The long-term earnings growth prospects remain strong, and the tactical downside risk is limited.</li></ul>

We switch to a Buy rating, with a new fair value of Bt49.08 (vs. Outperform and a fair value of Bt43.48 previously) following the adjustments to the house view assumptions on the macroeconomic variables.The valuation metrics suggest that the share price implies potential upside of 21.9%.The long-term earnings growth prospects remain strong, and the tactical downside risk is limited.

Muangthai Capital - Expect 2Q24E NP Growth YoY and QoQ Due to Asset Quality Control

<ul><li>We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.</li><li>However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.</li><li>MTC reported a 1Q24 net profit at Bt1,389mn (+29.8% YoY, +2.8% QoQ), beating our projection by 6% due to a smaller-than- expected provision.</li></ul>

We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.MTC reported a 1Q24 net profit at Bt1,389mn (+29.8% YoY, +2.8% QoQ), beating our projection by 6% due to a smaller-than- expected provision.

Muangthai Capital - Slightly Upbeat Earnings; Stronger Asset Quality

<ul><li>We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.</li><li>However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.</li><li>MTC's 1Q24E net profit is forecast at Bt1,311mn (+22.5% YoY, -2.9% QoQ).</li></ul>

We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.MTC's 1Q24E net profit is forecast at Bt1,311mn (+22.5% YoY, -2.9% QoQ).

Muangthai Capital -1Q24E Net Profit Expected to Grow YoY but Fall QoQ

Thailand

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Muangthai Capital (MTC TB)

Muangthai Capital - Asset Quality Remains Well Managed

The long-term growth outlook is strong, with earnings per share (EPS) projected to grow at an average annual rate of 19% in 2025- 26E.

Krungthai XSpring

Muangthai Capital - Good Asset Quality Recovery; but Challenges to Loan Portfolio Growth

We downgrade our rating to Neutral (from Buy), with a new 12M FV of Bt45.0 (from Bt49.08) following our downward revisions to 2025-26E earnings...

Krungthai XSpring

Muangthai Capital - Expect 2Q24E NP Growth YoY and QoQ Due to Asset Quality Control

The valuation metrics suggest that the share price implies potential upside of 21.9%. The long-term earnings growth prospects remain strong, and...

Krungthai XSpring

Muangthai Capital - Slightly Upbeat Earnings; Stronger Asset Quality

We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical...

Krungthai XSpring

Muangthai Capital -1Q24E Net Profit Expected to Grow YoY but Fall QoQ

We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)