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 expected weak core earnings for 2Q24E and the low base for the 2024E core earnings, due to the adder gap and divestment gap, may exert downward pressure on the share price in the short term.</li><li>However, the current valuation metrics indicate that the stock's fair value is attractive.</li><li>The expected uptrend in core profit for 2025-26E, with 2-year EPS growth forecast at a 26% CAGR, and the limited tactical downside risk, support this view. </li></ul>

The expected weak core earnings for 2Q24E and the low base for the 2024E core earnings, due to the adder gap and divestment gap, may exert downward pressure on the share price in the short term.However, the current valuation metrics indicate that the stock's fair value is attractive.The expected uptrend in core profit for 2025-26E, with 2-year EPS growth forecast at a 26% CAGR, and the limited tactical downside risk, support this view. 

Bcpg - Weak 2Q24E Core Earnings; Extra Gain to Cushion Bottom Line

BCPG PCL

Bcpg - Weak 2Q24E Core Earnings; Extra Gain to Cushion Bottom Line