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 to a Buy rating, with a new fair value of Bt49.08 (vs. Outperform and a fair value of Bt43.48 previously) following the adjustments to the house view assumptions on the macroeconomic variables.</li><li>The valuation metrics suggest that the share price implies potential upside of 21.9%.</li><li>The long-term earnings growth prospects remain strong, and the tactical downside risk is limited.</li></ul>

We switch to a Buy rating, with a new fair value of Bt49.08 (vs. Outperform and a fair value of Bt43.48 previously) following the adjustments to the house view assumptions on the macroeconomic variables.The valuation metrics suggest that the share price implies potential upside of 21.9%.The long-term earnings growth prospects remain strong, and the tactical downside risk is limited.

Muangthai Capital - Expect 2Q24E NP Growth YoY and QoQ Due to Asset Quality Control