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 our Neutral recommendation and the FY2024E fair value of Bt35.50. KCE’s core earnings grew YoY and QoQ in 1Q24, mainly from a rebound in the gross margin.</li><li>The result was slightly above our expectation, comprising 25% of our FY2024E forecast.</li><li>While we maintain our Neutral recommendation, our valuation metrics indicate that it could be upgraded to Outperform, especially as the current valuation has been upgraded to overvalued from sell previously. </li></ul>

We maintain our Neutral recommendation and the FY2024E fair value of Bt35.50. KCE’s core earnings grew YoY and QoQ in 1Q24, mainly from a rebound in the gross margin.The result was slightly above our expectation, comprising 25% of our FY2024E forecast.While we maintain our Neutral recommendation, our valuation metrics indicate that it could be upgraded to Outperform, especially as the current valuation has been upgraded to overvalued from sell previously. 

Kce Electronics - Earnings Growth in 1Q24 Driven by Strong Gross Margin

KCE Electronics PCL

Kce Electronics - Earnings Growth in 1Q24 Driven by Strong Gross Margin