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 coverage on KKP with a Neutral rating and a 12-month fair value (12M FV) of Bt47.00, based on the earnings yield method with a required return of 12%.</li><li>The valuation metrics indicate that the stock is currently fully valued in the short term, reflecting much of the expected recovery.</li><li>Meanwhile, the tactical risks are neutral. The recovery of asset quality and the low base in 2024E are expected to foster average net profit growth at a CAGR of 14% in 2025-26E.</li></ul>

We initiate coverage on KKP with a Neutral rating and a 12-month fair value (12M FV) of Bt47.00, based on the earnings yield method with a required return of 12%.The valuation metrics indicate that the stock is currently fully valued in the short term, reflecting much of the expected recovery.Meanwhile, the tactical risks are neutral. The recovery of asset quality and the low base in 2024E are expected to foster average net profit growth at a CAGR of 14% in 2025-26E.

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