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 switches to a Buy rating (vs. Outperform previously), with a 12M FV of Bt62.17, based on the earnings yield and a required return of 4.6%, reflecting the PER target of 22x.</li><li>This FV implies upside of around 10%.  The valuation metrics suggest a more positive view on the fundamentals, and the tactical downside risk is limited.</li><li>Meanwhile, the long-term growth prospects are strong, with the three-year earnings expected to achieve a 22% CAGR.</li></ul>

KTX switches to a Buy rating (vs. Outperform previously), with a 12M FV of Bt62.17, based on the earnings yield and a required return of 4.6%, reflecting the PER target of 22x.This FV implies upside of around 10%.  The valuation metrics suggest a more positive view on the fundamentals, and the tactical downside risk is limited.Meanwhile, the long-term growth prospects are strong, with the three-year earnings expected to achieve a 22% CAGR.

Cp All - 2Q24E Core Profit to Grow 30% YoY but Fall 3% QoQ

CP ALL PCL

Cp All - 2Q24E Core Profit to Grow 30% YoY but Fall 3% QoQ