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>KTX has shifted its rating to Outperform (from Buy) as the recent share price increase has reduced the upside to just 7% relative to our 12M FV of Bt62.17 (based on the earnings yield with a required return of 4.6%, reflecting a target PER of 22x).</li><li>Consequently, the valuation metrics suggest a moderated view of the stock's fundamentals, shifting from buy to attractive.</li><li>Despite this, the tactical downside risk remains limited. The long-term earnings prospects continue to be strong, with expected 3-year earnings growth at a CAGR of 22%.</li></ul>

KTX has shifted its rating to Outperform (from Buy) as the recent share price increase has reduced the upside to just 7% relative to our 12M FV of Bt62.17 (based on the earnings yield with a required return of 4.6%, reflecting a target PER of 22x).Consequently, the valuation metrics suggest a moderated view of the stock's fundamentals, shifting from buy to attractive.Despite this, the tactical downside risk remains limited. The long-term earnings prospects continue to be strong, with expected 3-year earnings growth at a CAGR of 22%.

Cp All - 2Q24 Earnings Growth of 37% YoY and 2% QoQ, 6% Better than Expected

CP ALL PCL

Cp All - 2Q24 Earnings Growth of 37% YoY and 2% QoQ, 6% Better than Expected