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 our Underperform rating as the valuation metrics indicate that the stock’s valuation remains unattractive, with the share price approximately 11.7% above the new fair value.</li><li>Meanwhile, our tactical view is neutral.</li><li>The new 12M FWD fair value, assessed using the earnings yield method, has been lowered to Bt16.20 (previously Bt16.30) due to both a downward revision of the profit estimates and an increase in the required return, which is used as the discount rate, to 20.8% (previously 19.9%).</li></ul>

We maintain our Underperform rating as the valuation metrics indicate that the stock’s valuation remains unattractive, with the share price approximately 11.7% above the new fair value.Meanwhile, our tactical view is neutral.The new 12M FWD fair value, assessed using the earnings yield method, has been lowered to Bt16.20 (previously Bt16.30) due to both a downward revision of the profit estimates and an increase in the required return, which is used as the discount rate, to 20.8% (previously 19.9%).

Aapico Hitech - Business Expected to Strongly Recover in 2026E