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

<div><div><div><ul><li>PSL’s performance varies in line with global freight rates, which are expected to rebound in the short term after the sharp plunge in 4Q22 on the anticipation of a demand surge from China’s reopening and after the Chinese New Year.</li><li>Nonetheless, earnings are expected to decline in 2023-24E, as we believe the shipping industry just passed the upcycle.</li><li>Maintain a Neutral rating on PSL, with a fair price of Bt15.50</li></ul></div></div></div>

PSL’s performance varies in line with global freight rates, which are expected to rebound in the short term after the sharp plunge in 4Q22 on the anticipation of a demand surge from China’s reopening and after the Chinese New Year.Nonetheless, earnings are expected to decline in 2023-24E, as we believe the shipping industry just passed the upcycle.Maintain a Neutral rating on PSL, with a fair price of Bt15.50

Precious Shipping (PSL) - Entering High Season, but Long-Term Outlook Is Weak