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 maintain an Underperform rating, as AH remains unattractive from a fundamental valuation perspective.</li>
<li>The stock has approximately 8% downside risk from the fair value (FV) of Bt16.30, based on a required return of 19.9%.</li>
<li>In addition, the long-term growth outlook may be downgraded due to a sharper-than-expected decline in Thai auto production in 9M24.</li>
</ul>


We maintain an Underperform rating, as AH remains unattractive from a fundamental valuation perspective.
The stock has approximately 8% downside risk from the fair value (FV) of Bt16.30, based on a required return of 19.9%.
In addition, the long-term growth outlook may be downgraded due to a sharper-than-expected decline in Thai auto production in 9M24.


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