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

Northeast Rubber Public Company Limited / Equity Bottom-Up

Northeast Rubber Public Company Limited (NER TB)

<ul><li>KTX has downgraded our recommendation to an Outperform rating (from Buy), with a new fair value (FV) of Bt5.38 (vs. Bt5.78 previously), based on the earnings yield and a required return of 20.7%, reflecting the target PER of 4.8x.</li><li>The valuation metrics indicate that the current stock price is still undervalued (with 15% upside to our fair price) and earnings growth remains strong (with a projected 11% CAGR from 2024- 2026E).</li><li>However, the tactical parameter indicates that the stock price trend is neutral (vs. very limited downside previously).</li></ul>

KTX has downgraded our recommendation to an Outperform rating (from Buy), with a new fair value (FV) of Bt5.38 (vs. Bt5.78 previously), based on the earnings yield and a required return of 20.7%, reflecting the target PER of 4.8x.The valuation metrics indicate that the current stock price is still undervalued (with 15% upside to our fair price) and earnings growth remains strong (with a projected 11% CAGR from 2024- 2026E).However, the tactical parameter indicates that the stock price trend is neutral (vs. very limited downside previously).

North East Rubber - Earnings Revised Down but Growth Trend Intact