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>The current valuation has been revised to undervalued (from neutral previously), as the stock price decline has created upside of around 7.5%.</li><li>Meanwhile, the tactical view has been adjusted to neutral (from limited downside risk).</li><li>Long-term growth outlook: The view has been revised to slow (previously neutral) owing to an expected CAGR of just 3% over the next two years (2024-26E), which is below KTX’s growth benchmark of 5-10%.</li></ul>

The current valuation has been revised to undervalued (from neutral previously), as the stock price decline has created upside of around 7.5%.Meanwhile, the tactical view has been adjusted to neutral (from limited downside risk).Long-term growth outlook: The view has been revised to slow (previously neutral) owing to an expected CAGR of just 3% over the next two years (2024-26E), which is below KTX’s growth benchmark of 5-10%.

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