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

Delta Electronics Thailand  / Equity Bottom-Up

<ul><li>We switch to a Neutral rating (previously Underperform) as the tactical outlook has improved to very limited downside risk, compared to the previous view of limited upside risk.</li><li>The stock price remains stretched compared to the fair value of Bt112.00, based on a required return of 1.7%.</li><li>Meanwhile, EPS growth is projected at a CAGR of 10.8% during 2025-27E, in line with the industry average.</li></ul>

We switch to a Neutral rating (previously Underperform) as the tactical outlook has improved to very limited downside risk, compared to the previous view of limited upside risk.The stock price remains stretched compared to the fair value of Bt112.00, based on a required return of 1.7%.Meanwhile, EPS growth is projected at a CAGR of 10.8% during 2025-27E, in line with the industry average.

Delta Electronics (Thailand) - 4Q24 Net Profit Significantly Below Expectations