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>The downside risk to the share price is very limited after a 30% YTD decline.</li><li>This reflects a weaker outlook for IU margins in 2H24E, uncertainties about the continuation of government power subsidy policies and Ft adjustments, which may restrict the upside potential for SPP operators, and limited growth in power sales volume to IUs.</li><li>In addition, unrealized forex losses have already been factored into our revised 2024-26E net profit forecasts, which have been adjusted downward by 52%, 17% and 16%, respectively. </li></ul>

The downside risk to the share price is very limited after a 30% YTD decline.This reflects a weaker outlook for IU margins in 2H24E, uncertainties about the continuation of government power subsidy policies and Ft adjustments, which may restrict the upside potential for SPP operators, and limited growth in power sales volume to IUs.In addition, unrealized forex losses have already been factored into our revised 2024-26E net profit forecasts, which have been adjusted downward by 52%, 17% and 16%, respectively. 

B.grimm Power - Negatives Largely Priced In; Pursuing GreenLeap Growth Strategy

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