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 our Outperform rating with a fair value of Bt3.38, based on a required return of 7.3%.</li><li>We remain positive on the stock’s fundamentals, given the significant share price upside potential of +61% to our fair value. In addition, the tactical downside risk remains limited.</li><li>Long-term growth for 2024-26E is expected at a CAGR of +8%, in line with the industry, driven by increasing passenger numbers, which have surpassed pre-COVID levels.</li></ul>

We maintain our Outperform rating with a fair value of Bt3.38, based on a required return of 7.3%.We remain positive on the stock’s fundamentals, given the significant share price upside potential of +61% to our fair value. In addition, the tactical downside risk remains limited.Long-term growth for 2024-26E is expected at a CAGR of +8%, in line with the industry, driven by increasing passenger numbers, which have surpassed pre-COVID levels.

Asia Aviation - In-Line 4Q24 Profit; Passenger Growth to Continue in 2025E