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 Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.</li><li>However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.</li><li>MTC's 1Q24E net profit is forecast at Bt1,311mn (+22.5% YoY, -2.9% QoQ).</li></ul>

We maintain a Neutral rating. Our valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical view is neutral.However, the long-term growth prospects remain strong, with expected EPS growth at a 22.6% CAGR in 2024-26E.MTC's 1Q24E net profit is forecast at Bt1,311mn (+22.5% YoY, -2.9% QoQ).

Muangthai Capital -1Q24E Net Profit Expected to Grow YoY but Fall QoQ