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 a Neutral rating, with a negative view on the fundamentals as the current stock price shows 11% downside from the 12M FWD fair value of Bt25.30, based on a required return of 9.1%.</li><li>There is also very limited tactical upside, given that the stock price has risen 14% QTD and is trading above the 6-month historical average.</li><li>A positive outlook is maintained for the performance over the next two years, with a strong EPS CAGR of +26% during 2024-26E, driven by a significant increase in land transfer revenue.</li></ul>

We maintain a Neutral rating, with a negative view on the fundamentals as the current stock price shows 11% downside from the 12M FWD fair value of Bt25.30, based on a required return of 9.1%.There is also very limited tactical upside, given that the stock price has risen 14% QTD and is trading above the 6-month historical average.A positive outlook is maintained for the performance over the next two years, with a strong EPS CAGR of +26% during 2024-26E, driven by a significant increase in land transfer revenue.

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