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 our coverage on CENTEL with an Outperform rating and a 12M fair value of Bt45.75, based on a required rate of return of 2.0%.</li><li>The valuation metrics suggest that the share price is attractive, and the core EPS growth is expected to grow well in 2024-26E at a 11% CAGR due to the improvement in the hotel business. The tactical downside risk is limited.</li><li>We view that CENTEL will benefit from the surging number of tourist arrivals to Thailand and Japan, especially Chinese tourists, which have increased to near the pre-COVID figures.</li></ul>

We initiate our coverage on CENTEL with an Outperform rating and a 12M fair value of Bt45.75, based on a required rate of return of 2.0%.The valuation metrics suggest that the share price is attractive, and the core EPS growth is expected to grow well in 2024-26E at a 11% CAGR due to the improvement in the hotel business. The tactical downside risk is limited.We view that CENTEL will benefit from the surging number of tourist arrivals to Thailand and Japan, especially Chinese tourists, which have increased to near the pre-COVID figures.

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