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 maintain a Buy rating but revise down the fair value to Bt26.39 (vs. Bt36.58 previously) following the revisions to the 2024-26Eearnings forecasts.</li><li>We also raise the required rate of return to5.1% (vs. 4.2% previously) after adjusting the variables used for the beta calculation, based on the revisions to our house view assumptions.</li><li>The valuation metrics suggest that the stock remains fundamentally attractive, both in terms of the valuation and the long-term growth prospects, while the tactical downside risk is limited.</li></ul>

We maintain a Buy rating but revise down the fair value to Bt26.39 (vs. Bt36.58 previously) following the revisions to the 2024-26Eearnings forecasts.We also raise the required rate of return to5.1% (vs. 4.2% previously) after adjusting the variables used for the beta calculation, based on the revisions to our house view assumptions.The valuation metrics suggest that the stock remains fundamentally attractive, both in terms of the valuation and the long-term growth prospects, while the tactical downside risk is limited.

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