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>We expect the 3Q24E profit to decline YoY and QoQ due to weak same-store-sales growth (SSSG), which, although showing signs of improvement, is projected to decline for the full year.</li><li>This led us to revise down our earnings estimates for 2024-26E by an average of 11% per year.</li><li>The valuation metrics suggest a sell recommendation based on the current fundamentals, as the stock price exceeds its fair value.</li></ul>

We expect the 3Q24E profit to decline YoY and QoQ due to weak same-store-sales growth (SSSG), which, although showing signs of improvement, is projected to decline for the full year.This led us to revise down our earnings estimates for 2024-26E by an average of 11% per year.The valuation metrics suggest a sell recommendation based on the current fundamentals, as the stock price exceeds its fair value.

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