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 Neutral rating (previously Buy) after the stock price surged 9% since our last report (Nov. 13, 2024), weakening the tactical view to very limited upside risk (vs. limited downside risk previously).</li><li>Fundamentally, we maintain a buy recommendation with the same fair value (FV) of Bt20.10, based on an 8.0% required return, implying +15% upside from the market price.</li><li>The long- term growth is now expected to align with the industry average (adjusted to an industry-based benchmark).</li></ul>

We switch to a Neutral rating (previously Buy) after the stock price surged 9% since our last report (Nov. 13, 2024), weakening the tactical view to very limited upside risk (vs. limited downside risk previously).Fundamentally, we maintain a buy recommendation with the same fair value (FV) of Bt20.10, based on an 8.0% required return, implying +15% upside from the market price.The long- term growth is now expected to align with the industry average (adjusted to an industry-based benchmark).

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