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

<div><div><div><ul><li>We maintain our Neutral call. Although the valuation metrics suggest that the short-term fundamentals are unattractive, the long-term growth prospects are promising.</li><li>We have a neutral tactical view in the medium term, with a new 2024E fair price of Bt20.80 (based on the earnings yield and a required rate of return of 3. 23%).</li><li>We cut the 2023E forecast to a loss and revised down earnings in 2024-25E by 9-10%.</li></ul></div></div></div>

We maintain our Neutral call. Although the valuation metrics suggest that the short-term fundamentals are unattractive, the long-term growth prospects are promising.We have a neutral tactical view in the medium term, with a new 2024E fair price of Bt20.80 (based on the earnings yield and a required rate of return of 3. 23%).We cut the 2023E forecast to a loss and revised down earnings in 2024-25E by 9-10%.

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