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 raise our rating to Buy (previously Neutral) with a more positive view on the fundamental valuation (upgraded to buy from overvalued).</li><li>This reflects that KCE’s stock underperformance (- 23% vs. the SET at +11%) over the past three months has largely priced in the weak 3Q24 results while also accounting for the potential risk of earnings forecast revisions.</li><li>The stock entails limited tactical downside risk, as the current stock price is trading at a discount to its fair value compared to the 6-month historical average.</li></ul>

We raise our rating to Buy (previously Neutral) with a more positive view on the fundamental valuation (upgraded to buy from overvalued).This reflects that KCE’s stock underperformance (- 23% vs. the SET at +11%) over the past three months has largely priced in the weak 3Q24 results while also accounting for the potential risk of earnings forecast revisions.The stock entails limited tactical downside risk, as the current stock price is trading at a discount to its fair value compared to the 6-month historical average.

Kce Electronics - 3Q24 Earnings Impacted by Stronger Baht

KCE Electronics PCL

Kce Electronics - 3Q24 Earnings Impacted by Stronger Baht