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 with a new 12-month fair value (FV) of Bt21.30 (previously Bt21.10), based on the earnings yield method using a required return of 7.9% (previously 8.0%).</li><li>TIDLOR remains fundamentally attractive, with its current share price offering around 37% upside to the new FV of Bt21.30</li><li>Its long-term growth outlook is in line with the industry average, with net profit growth projected at a CAGR of 12.8% in 2025-27E, driven by a decline in provisioning. </li></ul>

We maintain a Neutral rating with a new 12-month fair value (FV) of Bt21.30 (previously Bt21.10), based on the earnings yield method using a required return of 7.9% (previously 8.0%).TIDLOR remains fundamentally attractive, with its current share price offering around 37% upside to the new FV of Bt21.30Its long-term growth outlook is in line with the industry average, with net profit growth projected at a CAGR of 12.8% in 2025-27E, driven by a decline in provisioning. 

Ngern Tid Lor - Earnings on Recovery Trend