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 maintains an Outperform rating with a 2025 fair value of Bt64.80 (up from Bt62.17), using the earnings yield method based on a required return of 4.6%, reflecting a target PER of 22x.</li><li>The valuation metrics present a neutral view on the current fundamentals, and the tactical downside risk is limited.</li><li>We continue to have a strong outlook on long-term growth, projecting three-year earnings growth at a 20% CAGR.</li></ul>

KTX maintains an Outperform rating with a 2025 fair value of Bt64.80 (up from Bt62.17), using the earnings yield method based on a required return of 4.6%, reflecting a target PER of 22x.The valuation metrics present a neutral view on the current fundamentals, and the tactical downside risk is limited.We continue to have a strong outlook on long-term growth, projecting three-year earnings growth at a 20% CAGR.

Cp All - Expect 3Q24E Core Profit to Grow 39% YoY but Fall 4% QoQ

CP ALL PCL

Cp All - Expect 3Q24E Core Profit to Grow 39% YoY but Fall 4% QoQ