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 have upgraded our rating to Outperform (from Neutral) with expectations of a recovery over the next 12 months, based on a more positive outlook for profit growth and the tactical factors.</li><li>Profit growth for 2025-26E is expected to strengthen, with average annual growth of 18% (up from the previous +10% per year) due to a lower profit base in 2024E, which has been revised to a 38% YoY decline (down from the previous -10% YoY).</li><li>The tactical outlook has been revised to limited downside risk (from neutral), as the stock price's discount to the target price is lower than the six-month historical average, indicating that the negative factors are largely priced in.</li><li> </li></ul>

We have upgraded our rating to Outperform (from Neutral) with expectations of a recovery over the next 12 months, based on a more positive outlook for profit growth and the tactical factors.Profit growth for 2025-26E is expected to strengthen, with average annual growth of 18% (up from the previous +10% per year) due to a lower profit base in 2024E, which has been revised to a 38% YoY decline (down from the previous -10% YoY).The tactical outlook has been revised to limited downside risk (from neutral), as the stock price's discount to the target price is lower than the six-month historical average, indicating that the negative factors are largely priced in. 

Ratchthani Leasing - 3Q24 Earnings Fell Short of Estimate by 67% Given Massive Provisionsa