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 initiate our coverage on KBANK with an Outperform rating and a 12M FV of Bt142.37, based on the earnings yield and a required return of 14.4%.</li><li>The valuation metrics suggest that the current share price implies 14.4% potential upside to the fair value.</li><li>The normalization of credit costs will boost the EPS growth for KBANK to an expected CAGR of 9.5% in 2024-2026E. Meanwhile, the tactical risk is neutral</li></ul>

We initiate our coverage on KBANK with an Outperform rating and a 12M FV of Bt142.37, based on the earnings yield and a required return of 14.4%.The valuation metrics suggest that the current share price implies 14.4% potential upside to the fair value.The normalization of credit costs will boost the EPS growth for KBANK to an expected CAGR of 9.5% in 2024-2026E. Meanwhile, the tactical risk is neutral

Kasikornbank - On the Way to Normalized Credit Costs

Kasikornbank PCL

Kasikornbank - On the Way to Normalized Credit Costs