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 have downgraded our rating to Neutral (vs. Outperform previously).</li><li>The fair price has also been revised down to Bt35.18 (vs. Bt35.61 previously), based on the earnings yield, with a required return of 8.4% (vs. 8.0% previously), as the risk-free return, based on the Thai 10Y bond yield, was raised by 60 bps from the previous estimate.</li><li>Our valuation metrics suggest that the share price is fundamentally fully valued, while the tactical view is neutral. </li></ul>

We have downgraded our rating to Neutral (vs. Outperform previously).The fair price has also been revised down to Bt35.18 (vs. Bt35.61 previously), based on the earnings yield, with a required return of 8.4% (vs. 8.0% previously), as the risk-free return, based on the Thai 10Y bond yield, was raised by 60 bps from the previous estimate.Our valuation metrics suggest that the share price is fundamentally fully valued, while the tactical view is neutral. 

Muangthai Capital - Improving Asset Quality