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>Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.</li><li>Therefore, we switch our rating to a Buy (from Outperform), amid the unchanged earnings estimates and FV (Bt6.51).</li><li>Investors may gradually accumulate the stock after the end of the rubber tapping season (in February-May) and during the release of the 1Q24E earnings results (on May 9) to further capture the growing momentum of the earnings performance in 2Q24E, when average selling prices will fully reflect rising rubber prices. </li></ul>

Since we recommended taking profit on rubber stocks in mid-March when rubber prices peaked, NER's share price has dropped by around 14%, reflecting very limited downside technical risk.Therefore, we switch our rating to a Buy (from Outperform), amid the unchanged earnings estimates and FV (Bt6.51).Investors may gradually accumulate the stock after the end of the rubber tapping season (in February-May) and during the release of the 1Q24E earnings results (on May 9) to further capture the growing momentum of the earnings performance in 2Q24E, when average selling prices will fully reflect rising rubber prices. 

North East Rubber - Solid 1Q24E Core Profit, with Stronger Momentum in 2Q24E