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 have downgraded our rating to Outperform (previously Buy) due to a more negative outlook on the long-term earnings growth prospects.</li><li>We have also revised our expected CAGR for EPS in 2024-26E down to just +1% (from +11%), reflecting a weaker-than- <span style="font-size: var(--content-font-size);">expected performance in the F&amp;B sector, which is below the </span>industry average of +10%.</li><li>The stock remains attractive from a fundamental valuation perspective, with 23% upside to the new fair value of Bt33.50 (previously Bt39.25), based on a required return of 3.8% (previously 4.0%). </li></ul>

We have downgraded our rating to Outperform (previously Buy) due to a more negative outlook on the long-term earnings growth prospects.We have also revised our expected CAGR for EPS in 2024-26E down to just +1% (from +11%), reflecting a weaker-than- expected performance in the F&amp;B sector, which is below the industry average of +10%.The stock remains attractive from a fundamental valuation perspective, with 23% upside to the new fair value of Bt33.50 (previously Bt39.25), based on a required return of 3.8% (previously 4.0%). 

Minor International - 2024E Earnings Already Peaked for the Year