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

<ul><li>HANA saw a YoY and QoQ rebound in core earnings in 1Q24.</li><li>The results were slightly below our expectations, but we still believe they point to a positive direction in terms of HANA’s gross margin recovery in FY2024E.</li><li>We maintain our fair value of Bt42.00 but downgrade our recommendation to Outperform, after the share price rose by roughly 6% since our last report. </li></ul>

HANA saw a YoY and QoQ rebound in core earnings in 1Q24.The results were slightly below our expectations, but we still believe they point to a positive direction in terms of HANA’s gross margin recovery in FY2024E.We maintain our fair value of Bt42.00 but downgrade our recommendation to Outperform, after the share price rose by roughly 6% since our last report. 

Hana Microelectronics - Upside Priced in for FY2024 but Remain Bullish for FY2025