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 reinitiate our coverage on PSL with an Outperform rating and a 12M FV of Bt11.40, based on a required return of 8.52%.</li><li>Our valuation metrics suggest that the current valuation is attractive, alongside steady long-term growth prospects; meanwhile, the tactical parameters are at a neutral level.</li><li>PSL is trading at a 2024E PER of 10.6x, which is a premium relative to its Thai and global peers of 9.1x and 8.8x, respectively. </li></ul>

We reinitiate our coverage on PSL with an Outperform rating and a 12M FV of Bt11.40, based on a required return of 8.52%.Our valuation metrics suggest that the current valuation is attractive, alongside steady long-term growth prospects; meanwhile, the tactical parameters are at a neutral level.PSL is trading at a 2024E PER of 10.6x, which is a premium relative to its Thai and global peers of 9.1x and 8.8x, respectively. 

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