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>KTX sees potential upside to our presales projection, and the land transfer duration is likely to be shortened. The 2Q24E core profit is expected to have grown well YoY.</li><li>The valuation metrics suggest that the share price is attractive, and the long-term earnings prospects are strong; however, the tactical upside is very limited.</li><li>We therefore maintain an Outperform rating, with a 12M FV of Bt28.30 (vs. Bt28.00 previously), based on the earnings yield method and a required return of 8% following the adjustment to the beta (in line with the adjustments to our macroeconomic variables).</li></ul>

KTX sees potential upside to our presales projection, and the land transfer duration is likely to be shortened. The 2Q24E core profit is expected to have grown well YoY.The valuation metrics suggest that the share price is attractive, and the long-term earnings prospects are strong; however, the tactical upside is very limited.We therefore maintain an Outperform rating, with a 12M FV of Bt28.30 (vs. Bt28.00 previously), based on the earnings yield method and a required return of 8% following the adjustment to the beta (in line with the adjustments to our macroeconomic variables).

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Amata Corporation - Expect 2Q24E Earnings to Increase YoY; Possible Upside to Presales