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>The valuation metrics have increased the attractiveness of the current fundamentals to undervalued (from neutral previously).</li><li>The latest stock price shows upside of 5% while the long-term growth outlook remains strong (with three-year profit growth projected at a CAGR of 15%).</li><li>The tactical upside risk remains limited. Hence, we maintain a Neutral rating with a fair value of Bt33.37, based on a required return of 3.3%, reflecting the target PER of 30x.</li></ul>

The valuation metrics have increased the attractiveness of the current fundamentals to undervalued (from neutral previously).The latest stock price shows upside of 5% while the long-term growth outlook remains strong (with three-year profit growth projected at a CAGR of 15%).The tactical upside risk remains limited. Hence, we maintain a Neutral rating with a fair value of Bt33.37, based on a required return of 3.3%, reflecting the target PER of 30x.

CP AXTRA - 3Q24E Core Profit Growth Expected at 31% YoY and Flat QoQ

CP Axtra

CP AXTRA - 3Q24E Core Profit Growth Expected at 31% YoY and Flat QoQ