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

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>We maintain an Outperform rating for SAV. Our valuation metrics suggest that the stock is attractive in terms of the valuation; meanwhile, the long-term growth prospects remain solid, in tandem with the earnings upcycle from the normalization of aircraft movements in Cambodia.</li><li>The DCF-based 12M fair value has been revised up to Bt24.6/share, vs. Bt22.6/share previously, on the revision of WACC to 6.9% from 7.4%, as indicated in our previous report, to comply with our new house view on the risk-free rate and market risk premium.</li><li><p>SAV is a holding company in the SAMART Group. Presently, the company's sole investment is in Cambodia Air Traffic Services Co., Ltd. </p></li></ul>

We maintain an Outperform rating for SAV. Our valuation metrics suggest that the stock is attractive in terms of the valuation; meanwhile, the long-term growth prospects remain solid, in tandem with the earnings upcycle from the normalization of aircraft movements in Cambodia.The DCF-based 12M fair value has been revised up to Bt24.6/share, vs. Bt22.6/share previously, on the revision of WACC to 6.9% from 7.4%, as indicated in our previous report, to comply with our new house view on the risk-free rate and market risk premium.SAV is a holding company in the SAMART Group. Presently, the company's sole investment is in Cambodia Air Traffic Services Co., Ltd. 

Samart Aviation Solutions - Await Progress on Aviation Radio Business in Laos by End of 2Q24E