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 Buy rating for MASTER. KTX’s valuation metrics still reflect attractiveness in all dimensions, including the fundamentals (41% upside to our new fair value) and the limited downside from the tactical view.</li><li>Meanwhile, the earnings outlook remains strong, with EPS estimated to achieve a 12% CAGR over the next three years.</li><li>The 12M fair value, based on the earnings yield, has been revised down by 20% to Bt58.50 (from Bt73.0 previously) to correspond with the downward revisions to our earnings forecasts.</li></ul>

We maintain a Buy rating for MASTER. KTX’s valuation metrics still reflect attractiveness in all dimensions, including the fundamentals (41% upside to our new fair value) and the limited downside from the tactical view.Meanwhile, the earnings outlook remains strong, with EPS estimated to achieve a 12% CAGR over the next three years.The 12M fair value, based on the earnings yield, has been revised down by 20% to Bt58.50 (from Bt73.0 previously) to correspond with the downward revisions to our earnings forecasts.

Master Style - Downward Earnings Revisions, but Still Attractive in All Dimensions