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

Somboon Advance Technology P / Equity Bottom-Up

<div><div><div><p><strong>2Q21 results beat forecast, upgrade rating to Buy</strong><br>SAT reversed to mark a sturdy profit in 1H21 thanks to the solid recovery of both auto and non-auto parts revenue. In light of the stronger margin achieved in 1H21, together with the continued auto recovery momentum, our 2021E earnings estimate is revised up by 23%. This prompts us to raise our target price to Bt25.60, pegged with an unchanged PER of 12x (+0.5 S.D.). With the wider gap to the target price, we upgrade our rating to Buy</p><div></div></div></div></div>

2Q21 results beat forecast, upgrade rating to Buy SAT reversed to mark a sturdy profit in 1H21 thanks to the solid recovery of both auto and non-auto parts revenue. In light of the stronger margin achieved in 1H21, together with the continued auto recovery momentum, our 2021E earnings estimate is revised up by 23%. This prompts us to raise our target price to Bt25.60, pegged with an unchanged PER of 12x (+0.5 S.D.). With the wider gap to the target price, we upgrade our rating to Buy

Company Update: Somboon Advance Technology Plc. (SAT)