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>Our Outperform rating is maintained, with an increasingly positive view on the fundamentals due to a 15% QTD decline in the stock price, providing upside of 11% to the new fair value of Bt38.75, based on a required return of 3.0% (previously Bt35.75 with a required return of 2.6%).</li><li>A neutral view is maintained on the long-term performance, with 2024-26E EPS CAGR growth of +16%, close to the industry average.</li><li>The tactical downside risk is very limited, given the stock price decline, which likely reflects the expected YoY and QoQ decreases in 4Q24E profit due to pre-opening expenses for the new hotel in the Maldives.</li></ul>

Our Outperform rating is maintained, with an increasingly positive view on the fundamentals due to a 15% QTD decline in the stock price, providing upside of 11% to the new fair value of Bt38.75, based on a required return of 3.0% (previously Bt35.75 with a required return of 2.6%).A neutral view is maintained on the long-term performance, with 2024-26E EPS CAGR growth of +16%, close to the industry average.The tactical downside risk is very limited, given the stock price decline, which likely reflects the expected YoY and QoQ decreases in 4Q24E profit due to pre-opening expenses for the new hotel in the Maldives.

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