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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>KTX maintains a Neutral rating with a FV of Bt13.38, based on a required return of 10.8%. The valuation metrics suggest a neutral view on the fundamentals.</li><li>Meanwhile, the long-term growth prospects are unattractive, and the tactical upside risk is very limited.</li><li>GFPT reported a 2Q24 net profit of Bt583mn, exceeding expectations by 6%, with extra items totaling Bt21mn (better than our estimate of Bt10mn).</li></ul>

KTX maintains a Neutral rating with a FV of Bt13.38, based on a required return of 10.8%. The valuation metrics suggest a neutral view on the fundamentals.Meanwhile, the long-term growth prospects are unattractive, and the tactical upside risk is very limited.GFPT reported a 2Q24 net profit of Bt583mn, exceeding expectations by 6%, with extra items totaling Bt21mn (better than our estimate of Bt10mn).

GFPT - 2Q24 Core Profit Growth at 68% YoY and 27% QoQ, Slightly Better than Expected