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 an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50, based on a required return of 3.8%.</li><li>The short-term tactical perspective has become more positive, as the stock price has declined 7% QTD, likely reflecting the weak 3Q24 performance.</li><li>We remain negative on the long-term performance as the company enters a slow-growth phase, with expected EPS growth at a CAGR of just 1% for 2024-26E, primarily because the F&amp;B business has yet to pick up.</li></ul>

We maintain an Outperform rating, viewing the stock as fundamentally attractive with upside of 28% compared to the fair value (FV) of Bt33.50, based on a required return of 3.8%.The short-term tactical perspective has become more positive, as the stock price has declined 7% QTD, likely reflecting the weak 3Q24 performance.We remain negative on the long-term performance as the company enters a slow-growth phase, with expected EPS growth at a CAGR of just 1% for 2024-26E, primarily because the F&amp;B business has yet to pick up.

Minor International - In-Line 3Q24 NP; 4Q24E Earnings to Decline QoQ on Seasonality