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>We initiate our coverage on CPALL with an Outperform rating (FV: Bt60.94) based on a required rate of return of 4.23%, reflecting a PER target of 23.7x.</li><li>KTX’s valuation metrics suggest that the share price is below the fair value, while the long-term outlook is strong, with an expected 22% CAGR in the next three years.</li><li>The tactical view is neutral.</li></ul>

We initiate our coverage on CPALL with an Outperform rating (FV: Bt60.94) based on a required rate of return of 4.23%, reflecting a PER target of 23.7x.KTX’s valuation metrics suggest that the share price is below the fair value, while the long-term outlook is strong, with an expected 22% CAGR in the next three years.The tactical view is neutral.

Cpall - Quality Earnings; Strong Financial Position; Attractive Valuation

CP ALL PCL

Cpall - Quality Earnings; Strong Financial Position; Attractive Valuation