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 recommend a Neutral rating with a fair value of Bt2.23, based on the earnings yield and a required rate of return of 10.8%.</li><li>Despite the strong LT earnings outlook with expected EPS growth at 18.2% p.a. in 2025-26E, the valuation looks rather unappealing, and the share price is fully valued in the short term.</li><li>Meanwhile, the tactical upside is very limited.</li></ul>

We recommend a Neutral rating with a fair value of Bt2.23, based on the earnings yield and a required rate of return of 10.8%.Despite the strong LT earnings outlook with expected EPS growth at 18.2% p.a. in 2025-26E, the valuation looks rather unappealing, and the share price is fully valued in the short term.Meanwhile, the tactical upside is very limited.

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