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 downgrade our rating to Outperform from Buy and revise the 12-month fair value (FV) down to Bt68.00 from Bt72.00, based on an earnings yield of 2.4%.</li><li>This adjustment follows an upward revision to our market risk premium (MRP), resulting in a higher required return, up from the previous 2.3%.</li><li>KTX’s <span style="font-size: var(--content-font-size);">valuation metrics suggest a strong outlook for the long-term </span>growth prospects for FY25-27E, with expected EPS growth of +15%. </li></ul>

We downgrade our rating to Outperform from Buy and revise the 12-month fair value (FV) down to Bt68.00 from Bt72.00, based on an earnings yield of 2.4%.This adjustment follows an upward revision to our market risk premium (MRP), resulting in a higher required return, up from the previous 2.3%.KTX’s valuation metrics suggest a strong outlook for the long-term growth prospects for FY25-27E, with expected EPS growth of +15%. 

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