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>The 1Q24 earnings improved QoQ, and the momentum will continue in the quarters ahead due to lower fuel costs and positive seasonal factors.</li><li>We maintain our 2024E NP and stand by our flat LT earnings outlook (2024-26E). Our Neutral rating (12M FV at Bt55.0) is also retained.</li><li>We expect power stocks, with high debt leverage, to be pressured by the extended high interest rate cycle. </li></ul>

The 1Q24 earnings improved QoQ, and the momentum will continue in the quarters ahead due to lower fuel costs and positive seasonal factors.We maintain our 2024E NP and stand by our flat LT earnings outlook (2024-26E). Our Neutral rating (12M FV at Bt55.0) is also retained.We expect power stocks, with high debt leverage, to be pressured by the extended high interest rate cycle. 

Global Power Synergy -In-Line 1Q24 Earnings; Strong Momentum Ahead