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 our Neutral rating with a 2025E fair value of Bt13.68, based on a required rate of return of 3.46%, which implies a 28.9x PER, justifying its expected solid EPS growth of 23.7% in 2024-26E.</li><li>Compared to peers, its PER is higher than AU's 2025E PER of 21.6x, which has the highest premium valuation among domestic restaurant stocks.</li><li>It’s the most beautiful time of the year for the company, with the high season results about to be announced and the 2025 annual plan soon to be revealed.</li></ul>

We maintain our Neutral rating with a 2025E fair value of Bt13.68, based on a required rate of return of 3.46%, which implies a 28.9x PER, justifying its expected solid EPS growth of 23.7% in 2024-26E.Compared to peers, its PER is higher than AU's 2025E PER of 21.6x, which has the highest premium valuation among domestic restaurant stocks.It’s the most beautiful time of the year for the company, with the high season results about to be announced and the 2025 annual plan soon to be revealed.

Pluk Phak Praw Rak Mae - The Most Beautiful Time of the Year

Ohhaju

Pluk Phak Praw Rak Mae - The Most Beautiful Time of the Year