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 revise down the 2024-26E earnings forecasts to reflect a weak market GRM in 2Q24E and to be conservative.</li><li>We estimate the 12M FV at Bt43.0 (vs. Bt44.32 previously), based on a required return of 16.9%.</li><li>We upgrade our rating to Buy from Outperform. Our valuation metrics show positive short-term and long-term signals, with potential upside of 28% and strong earnings momentum over the next two years, amid limited tactical downside risk. </li></ul>

We revise down the 2024-26E earnings forecasts to reflect a weak market GRM in 2Q24E and to be conservative.We estimate the 12M FV at Bt43.0 (vs. Bt44.32 previously), based on a required return of 16.9%.We upgrade our rating to Buy from Outperform. Our valuation metrics show positive short-term and long-term signals, with potential upside of 28% and strong earnings momentum over the next two years, amid limited tactical downside risk. 

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