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 downgrade our recommendation to Neutral, from Buy, with a new 2025E fair value of Bt13.68, based on a required rate of return at 3.46%, implying 28.9x PER (from Bt8.69, based on a required rate of rate at 5.41%, implying 18.5x PER, previously).</li><li>Our re-rating is based on a change in our valuation method, shifting from a peers’ trading average comparison to the price/earnings-to-growth (PEG) ratio.</li><li>We have valued OKJ at a PEG of 1.1x, reflecting expected EPS growth of 26.3% from 2024- 26E, which equates to a 28.9x PER. </li></ul>

We downgrade our recommendation to Neutral, from Buy, with a new 2025E fair value of Bt13.68, based on a required rate of return at 3.46%, implying 28.9x PER (from Bt8.69, based on a required rate of rate at 5.41%, implying 18.5x PER, previously).Our re-rating is based on a change in our valuation method, shifting from a peers’ trading average comparison to the price/earnings-to-growth (PEG) ratio.We have valued OKJ at a PEG of 1.1x, reflecting expected EPS growth of 26.3% from 2024- 26E, which equates to a 28.9x PER. 

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