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 maintain an Outperform rating but have revised down our 12M FV to Bt35.75 (from Bt40.50 previously) due to a downward revision of our 2024 earnings forecast and an increase in the required return to 2.6% (from 2.0% previously).</li><li>The valuation metrics suggest that the share price has become less attractive, with narrower upside of +9%.</li><li>However, the long- term growth prospects remain strong, with an expected CAGR of +14%, while the tactical downside risk is very limited.</li></ul>

We maintain an Outperform rating but have revised down our 12M FV to Bt35.75 (from Bt40.50 previously) due to a downward revision of our 2024 earnings forecast and an increase in the required return to 2.6% (from 2.0% previously).The valuation metrics suggest that the share price has become less attractive, with narrower upside of +9%.However, the long- term growth prospects remain strong, with an expected CAGR of +14%, while the tactical downside risk is very limited.

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