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

Thematic (Sector/Industry)

Thailand Real estate / Thematic (Sector/Industry)

<ul><li>We assign a Neutral rating to the industrial estate sector, considering the performance prospects of AMATA and WHA, which are expected to achieve a 7% CAGR and a 5% CAGR, respectively, from 2024-26E.</li><li>However, given that AMATA’s and WHA’s share prices have gained 1% and 17%, respectively, outperforming the SET over the past three months, we believe they already reflect increasing investment demand in Thailand.</li><li>Meanwhile, WHA is likely to revise its presales target in 2H24E and recognize major clients in the data center business in June-July.</li></ul>

We assign a Neutral rating to the industrial estate sector, considering the performance prospects of AMATA and WHA, which are expected to achieve a 7% CAGR and a 5% CAGR, respectively, from 2024-26E.However, given that AMATA’s and WHA’s share prices have gained 1% and 17%, respectively, outperforming the SET over the past three months, we believe they already reflect increasing investment demand in Thailand.Meanwhile, WHA is likely to revise its presales target in 2H24E and recognize major clients in the data center business in June-July.

Industrial Estate - Positive Impact of Geopolitical Risks Already Priced In