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 expect the 3Q24E profit to have declined QoQ due to seasonal factors and a weaker marketing margin but show strong YoY growth thanks to a higher oil sales volume base and a robust non-oil gross profit contribution.</li><li>We maintain our <span style="font-size: var(--content-font-size);">2024-26E profit forecasts, anticipating steady growth over the </span>next two years (at approximately a 10% CAGR).</li><li>We have revised our fair value to Bt10.88 (from Bt9.90 previously), based on a required return of 7.0% (7.5% previously), reflecting adjustments to the market risk premium (MRP) and the Thai 10Y bond yield in our house view.</li></ul>

We expect the 3Q24E profit to have declined QoQ due to seasonal factors and a weaker marketing margin but show strong YoY growth thanks to a higher oil sales volume base and a robust non-oil gross profit contribution.We maintain our 2024-26E profit forecasts, anticipating steady growth over the next two years (at approximately a 10% CAGR).We have revised our fair value to Bt10.88 (from Bt9.90 previously), based on a required return of 7.0% (7.5% previously), reflecting adjustments to the market risk premium (MRP) and the Thai 10Y bond yield in our house view.

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