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 an Outperform rating, with a new fair value of Bt148.87 (from Bt142.37) after adjusting the macroeconomic variables according to our house view assumptions.</li><li>The valuation metrics indicate that the stock is undervalued in terms of the fundamentals (with 16.3% upside vs. the current price), which is offset by the moderate profit growth trend and the neutral tactical view.</li><li>KBANK’s 2Q24 net profit beat our forecast by 5% at Bt12.6bn, up 15.1% YoY but down 6.1% QoQ, given higher-than-expected non- interest income.</li></ul>

We maintain an Outperform rating, with a new fair value of Bt148.87 (from Bt142.37) after adjusting the macroeconomic variables according to our house view assumptions.The valuation metrics indicate that the stock is undervalued in terms of the fundamentals (with 16.3% upside vs. the current price), which is offset by the moderate profit growth trend and the neutral tactical view.KBANK’s 2Q24 net profit beat our forecast by 5% at Bt12.6bn, up 15.1% YoY but down 6.1% QoQ, given higher-than-expected non- interest income.

Kasikornbank - 2Q24 NP Beat Forecast by 5%; Stable Asset Quality

Kasikornbank PCL

Kasikornbank - 2Q24 NP Beat Forecast by 5%; Stable Asset Quality