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 initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.</li><li>The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.</li><li>The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.</li></ul>

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels