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 our Outperform rating, based on the earnings yield and a required rate of return at 6.8%.</li><li>The valuation metrics suggest that the stock is undervalued in terms of the fundamentals, while the long-term growth prospects remain strong, and the tactical view is neutral in 2024-26E.</li><li>TIDLOR reported a 4Q23 net profit of Bt901mn (+10% YoY, -10% QoQ), in line with our projection.</li></ul>

We maintain our Outperform rating, based on the earnings yield and a required rate of return at 6.8%.The valuation metrics suggest that the stock is undervalued in terms of the fundamentals, while the long-term growth prospects remain strong, and the tactical view is neutral in 2024-26E.TIDLOR reported a 4Q23 net profit of Bt901mn (+10% YoY, -10% QoQ), in line with our projection.

Ngern Tid Lor - 4Q23 Earnings in Line; Higher Provision but Lower NPLs