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 Neutral (from Outperform), with a new 12M FV of Bt21.50 (down from Bt28.30) following the downward revisions to our 2024-25E earnings forecasts, though we maintain the required return at 8%.</li><li>The valuation metrics indicate that the recent share price increase has reduced the stock's attractiveness, reflecting significant downside of -9%.</li><li>While the tactical upside is limited, the long- term growth prospects remain strong, with expected 2024-26E earnings growth at a CAGR of +11%.</li></ul>

We downgrade our rating to Neutral (from Outperform), with a new 12M FV of Bt21.50 (down from Bt28.30) following the downward revisions to our 2024-25E earnings forecasts, though we maintain the required return at 8%.The valuation metrics indicate that the recent share price increase has reduced the stock's attractiveness, reflecting significant downside of -9%.While the tactical upside is limited, the long- term growth prospects remain strong, with expected 2024-26E earnings growth at a CAGR of +11%.

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