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

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>We maintain our Neutral rating and the 12M FV at Bt52.85.</li><li>Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are <span style="font-size: var(--content-font-size);">stable (due to the gradual expiries of PPAs at some SPPs for </span>the electricity output sold to EGAT and IPP in 2025-26E).</li><li>At the same time, the tactical risk is neutral.</li></ul>

We maintain our Neutral rating and the 12M FV at Bt52.85.Our valuation metrics suggest that the current valuation is attractive, while the 2024-26E EPS growth prospects are stable (due to the gradual expiries of PPAs at some SPPs for the electricity output sold to EGAT and IPP in 2025-26E).At the same time, the tactical risk is neutral.

Global Power Synergy - 4Q23 Earnings in Line; 2024E Earnings to Remain Strong