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

Thematic (Sector/Industry)

Thailand Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Sluggish auto production continued to put downward pressure on the revenue and core profit of the three auto firms under our coverage both YoY and QoQ in 2Q24.</li><li>Although operating performances may potentially rebound QoQ due to seasonal factors, they are still likely to contract YoY given the gradual pace of auto production recovery.</li><li>Meanwhile, these three companies have outperformed the SET in the past month (+9.0% vs. the SET at +4.8%), narrowing the upside to their fair values, which implies that the potential earnings recovery in 2H24E may be largely priced in. </li></ul>

Sluggish auto production continued to put downward pressure on the revenue and core profit of the three auto firms under our coverage both YoY and QoQ in 2Q24.Although operating performances may potentially rebound QoQ due to seasonal factors, they are still likely to contract YoY given the gradual pace of auto production recovery.Meanwhile, these three companies have outperformed the SET in the past month (+9.0% vs. the SET at +4.8%), narrowing the upside to their fair values, which implies that the potential earnings recovery in 2H24E may be largely priced in. 

Automotive - Potential Recovery in 2H24E Performance Already Priced In