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 our coverage on MINT with an Outperform rating and a 12-month FV of Bt39.25, based on the 12M earnings yield of 3.6%.</li><li>Our valuation metrics indicate significant upside of +33%, with core EPS growth of +11% expected during 2024-26E as RevPAR should surpass pre-COVID levels.</li><li>However, the tactical view is neutral.</li></ul>

We initiate our coverage on MINT with an Outperform rating and a 12-month FV of Bt39.25, based on the 12M earnings yield of 3.6%.Our valuation metrics indicate significant upside of +33%, with core EPS growth of +11% expected during 2024-26E as RevPAR should surpass pre-COVID levels.However, the tactical view is neutral.

Minor International - Entering the High Season in 2-3Q24E