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 switch our rating to Outperform (from Buy) and revise the fair value to Bt13.75, down from Bt24.31, following the downward revisions to our 2024-26E earnings forecasts and an increase in the required return to 6.8% (from 4.7% previously).</li><li>The valuation metrics indicate that the current share price still implies upside of 39%, even after the recent share price increase.</li><li>The long-term earnings outlook remains strong, and the tactical downside risk is limited.</li></ul>

We switch our rating to Outperform (from Buy) and revise the fair value to Bt13.75, down from Bt24.31, following the downward revisions to our 2024-26E earnings forecasts and an increase in the required return to 6.8% (from 4.7% previously).The valuation metrics indicate that the current share price still implies upside of 39%, even after the recent share price increase.The long-term earnings outlook remains strong, and the tactical downside risk is limited.

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