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

Bangkok Expressway (BEM): Ridership Increase

ASEAN Reopening: Tourism and Transport Reboot

ASEAN Reopening: Tourism and Transport Reboot - Part Deux

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<div><div><div><p><strong>Monitoring the virus situation and lockdown</strong><br>BEM reported weak results QoQ in 2Q21 and soft traffic volume YoY in July given the new wave of the pandemic and the lockdown measure to curb the spread. Although the outlook remains uncertain, we maintain our call that traffic and earnings in 2022E will improve sharply upon containment of the outbreak. We thus maintain our Buy call for BEM, with the SOTP-based TP of Bt9.60.</p></div></div></div>

Monitoring the virus situation and lockdown BEM reported weak results QoQ in 2Q21 and soft traffic volume YoY in July given the new wave of the pandemic and the lockdown measure to curb the spread. Although the outlook remains uncertain, we maintain our call that traffic and earnings in 2022E will improve sharply upon containment of the outbreak. We thus maintain our Buy call for BEM, with the SOTP-based TP of Bt9.60.

Earnings Review: Bangkok Expressway and Metro Plc. (BEM)