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 switch to a Neutral rating (from Outperform).</li><li>Our valuation metrics suggest that the steady earnings growth outlook has already been priced in, while there is no catalyst from the tactical view.</li><li>The 12M forward fair value, based on the earnings yield method, has been revised down to Bt23.60 (vs. Bt34.14 previously), in tandem with the downward earnings revisions and a higher required rate of return of 19.5% (vs. 15.0% previously) following our new house view on the macroeconomic variables used for the beta projection.</li></ul>

We switch to a Neutral rating (from Outperform).Our valuation metrics suggest that the steady earnings growth outlook has already been priced in, while there is no catalyst from the tactical view.The 12M forward fair value, based on the earnings yield method, has been revised down to Bt23.60 (vs. Bt34.14 previously), in tandem with the downward earnings revisions and a higher required rate of return of 19.5% (vs. 15.0% previously) following our new house view on the macroeconomic variables used for the beta projection.

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