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>Given the high increase in 3Q24E presales, hitting a new quarterly record, with 9M24E presales reaching 2,000 rai, exceeding our previous estimates, we have raised our presale forecasts for 2024- 26E and increased the projected transfers due to the substantial backlog of 3,500 rai.</li><li>We estimate core profit for 2024-26E to grow strongly, with a CAGR of +26%, and have revised our fair value (FV) to Bt25.30 (previously at Bt21.50), based on a required return of 9.1% (8.0% previously).</li><li>However, the market price has already risen, having priced in the significant presales increase to a certain degree. </li></ul>

Given the high increase in 3Q24E presales, hitting a new quarterly record, with 9M24E presales reaching 2,000 rai, exceeding our previous estimates, we have raised our presale forecasts for 2024- 26E and increased the projected transfers due to the substantial backlog of 3,500 rai.We estimate core profit for 2024-26E to grow strongly, with a CAGR of +26%, and have revised our fair value (FV) to Bt25.30 (previously at Bt21.50), based on a required return of 9.1% (8.0% previously).However, the market price has already risen, having priced in the significant presales increase to a certain degree. 

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