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 maintain a Neutral rating. Despite the sharp decline in the share price following the disappointing earnings, there is little upside compared to our new fair value.</li><li>This is offset by limited downside risk from a tactical perspective.</li><li>We revise down our fair value to Bt89.25 (previously Bt112.00), primarily due to the lower 2025-27E earnings forecasts, reflecting stricter margin assumptions, while the required return remains almost unchanged at 1.8%.</li></ul>

We maintain a Neutral rating. Despite the sharp decline in the share price following the disappointing earnings, there is little upside compared to our new fair value.This is offset by limited downside risk from a tactical perspective.We revise down our fair value to Bt89.25 (previously Bt112.00), primarily due to the lower 2025-27E earnings forecasts, reflecting stricter margin assumptions, while the required return remains almost unchanged at 1.8%.

Delta Electronics (Thailand) - Challenging Path Ahead