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 reported a 1Q24 net profit at Bt1,389mn (+29.8% YoY, +2.8% QoQ), beating our projection by 6% due to a smaller-than- expected provision.</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 reported a 1Q24 net profit at Bt1,389mn (+29.8% YoY, +2.8% QoQ), beating our projection by 6% due to a smaller-than- expected provision.

Muangthai Capital - Slightly Upbeat Earnings; Stronger Asset Quality