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 our Outperform rating with a new fair value (FV) of Bt20.00 (previously Bt13.75), representing an increase of approximately 45%.</li><li>Of this increase, 20% is due to an upward revision of the profit estimates, 13% from adjusting the required rate of return to 6.0% (previously 6.8%), and 11% from a rolling adjustment of the FV.</li><li>The valuation metrics indicate limited upside of 7% for the stock price, following a roughly 90% increase since our report released on August 2024.</li></ul>

We maintain our Outperform rating with a new fair value (FV) of Bt20.00 (previously Bt13.75), representing an increase of approximately 45%.Of this increase, 20% is due to an upward revision of the profit estimates, 13% from adjusting the required rate of return to 6.0% (previously 6.8%), and 11% from a rolling adjustment of the FV.The valuation metrics indicate limited upside of 7% for the stock price, following a roughly 90% increase since our report released on August 2024.

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