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 initiate coverage on AAV with a Neutral rating. While we have a positive view on its fundamentals, with the fair value offering upside of +14%, we remain concerned about its long-term performance, which is expected to grow by only +11%, below the industry average of +15%.</li><li>In the short term, however, we expect the stock price to improve.</li><li><span style="font-size: var(--content-font-size);">The short-term catalyst is the strong growth in 4Q24E core profit YoY </span>and QoQ, driven by seasonal factors and lower fuel costs. </li></ul>

We initiate coverage on AAV with a Neutral rating. While we have a positive view on its fundamentals, with the fair value offering upside of +14%, we remain concerned about its long-term performance, which is expected to grow by only +11%, below the industry average of +15%.In the short term, however, we expect the stock price to improve.The short-term catalyst is the strong growth in 4Q24E core profit YoY and QoQ, driven by seasonal factors and lower fuel costs. 

Asia Aviation - Stock Price Reflects Strong Performance, with the ERP Having Risen Significantly