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 reaffirm our Neutral rating. The valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical perspective is neutral.</li><li>However, the long-term growth prospects are strong, with EPS growth expected at a CAGR of 22.6% in 2024-2026E.</li><li>MTC reported a 4Q23 net profit at Bt1,351mn, in line with our projection.</li></ul>

We reaffirm our Neutral rating. The valuation metrics suggest that the share price is fully valued in terms of the fundamentals, while the tactical perspective is neutral.However, the long-term growth prospects are strong, with EPS growth expected at a CAGR of 22.6% in 2024-2026E.MTC reported a 4Q23 net profit at Bt1,351mn, in line with our projection.

Muangthai Capital - 4Q23 Earnings in Line; Better Asset Quality