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 share price has not yet reflected the strong earnings momentum expected in 2Q24E, nor fully priced in the weaker IU margin outlook for 2H24E (with a stable Ft in the final period and slightly higher gas costs HoH).</li><li>However, the key assumptions for 2024E remain within our projections.</li><li>We maintain our view that the 2024E earnings will recover YoY and that 2-year EPS growth will remain stable.</li></ul>

The share price has not yet reflected the strong earnings momentum expected in 2Q24E, nor fully priced in the weaker IU margin outlook for 2H24E (with a stable Ft in the final period and slightly higher gas costs HoH).However, the key assumptions for 2024E remain within our projections.We maintain our view that the 2024E earnings will recover YoY and that 2-year EPS growth will remain stable.

Global Power Synergy - Strong 2Q24E Earnings; Undemanding Valuation