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 Neutral rating with a 12M FV of Bt150.00, based on the earnings yield method and a required return of 16.6%.</li><li>The valuation metrics indicate that the stock is fully valued in the short term, while the long-term performance is expected to grow at a moderate level, alongside the tactical risk remaining neutral</li><li>KBANK reported a net profit of Bt11.9bn for 3Q24, up 6% YoY but down 5% QoQ, in line with both our and the market expectations.</li></ul>

We maintain a Neutral rating with a 12M FV of Bt150.00, based on the earnings yield method and a required return of 16.6%.The valuation metrics indicate that the stock is fully valued in the short term, while the long-term performance is expected to grow at a moderate level, alongside the tactical risk remaining neutralKBANK reported a net profit of Bt11.9bn for 3Q24, up 6% YoY but down 5% QoQ, in line with both our and the market expectations.

Kasikornbank - In-Line 3Q24 Earnings; Balance Sheet Cleanup Expected to Be Completed in 2024E

Kasikornbank PCL

Kasikornbank - In-Line 3Q24 Earnings; Balance Sheet Cleanup Expected to Be Completed in 2024E