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 upgrade PSL to an Outperform rating with a new 2025E fair price of Bt7.66 (from a Neutral rating and the fair price of Bt9.04 previously).</li><li>The stock price currently provides upside of 34% to our 2025E fair value of Bt7.66, based on a required rate of return of 6.42%, reflecting the target PER of 15.6x.</li><li>The stock’s growth trajectory is categorized as strong, with a 12.6% CAGR projected in 2025-27E.</li></ul>

We upgrade PSL to an Outperform rating with a new 2025E fair price of Bt7.66 (from a Neutral rating and the fair price of Bt9.04 previously).The stock price currently provides upside of 34% to our 2025E fair value of Bt7.66, based on a required rate of return of 6.42%, reflecting the target PER of 15.6x.The stock’s growth trajectory is categorized as strong, with a 12.6% CAGR projected in 2025-27E.

Precious Shipping - Weak TC Rate and Earnings in 2025E Already Priced In