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 but make a downward revision to our earnings forecasts.</li><li>As a result, we lower the 2025E fair value to Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x (previously Bt13.68, based on a required return of 3.46%, reflecting a PER of 28.9x).</li><li>This translates to a PEG ratio of 1.0x, based on an EPS growth rate of 24.7% in 2024-26E.</li></ul>

We maintain a Neutral rating but make a downward revision to our earnings forecasts.As a result, we lower the 2025E fair value to Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x (previously Bt13.68, based on a required return of 3.46%, reflecting a PER of 28.9x).This translates to a PEG ratio of 1.0x, based on an EPS growth rate of 24.7% in 2024-26E.

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