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 switch our rating to Outperform (previously Buy) as long-term growth (EPS CAGR of 19% during 2024-26E) is now expected to align with the industry average (vs. strong previously), following a shift in our comparison criteria to a sector-based approach.</li><li>From a fundamental perspective, we maintain a buy with the same fair value of Bt62.25, based on a required return of 5.6%, implying 44% upside from the current market price.</li><li>Meanwhile, the tactical downside risk remains very limited.</li></ul>

We switch our rating to Outperform (previously Buy) as long-term growth (EPS CAGR of 19% during 2024-26E) is now expected to align with the industry average (vs. strong previously), following a shift in our comparison criteria to a sector-based approach.From a fundamental perspective, we maintain a buy with the same fair value of Bt62.25, based on a required return of 5.6%, implying 44% upside from the current market price.Meanwhile, the tactical downside risk remains very limited.

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