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, with the share price implying potential upside of 18.3% to the fair value.</li><li>In addition, the long-term growth should be solid, in line with the earnings growth cycle uptrend and the normalization of aircraft movements in Cambodia.</li><li>SAV reported a net profit of Bt116mn in 2Q24, up 40% YoY and 23% QoQ, better than the market's estimate by 12% due to a stronger-than-expected gross profit margin.</li></ul>

We maintain an Outperform rating for SAV. Our valuation metrics suggest that the stock is attractive in terms of the valuation, with the share price implying potential upside of 18.3% to the fair value.In addition, the long-term growth should be solid, in line with the earnings growth cycle uptrend and the normalization of aircraft movements in Cambodia.SAV reported a net profit of Bt116mn in 2Q24, up 40% YoY and 23% QoQ, better than the market's estimate by 12% due to a stronger-than-expected gross profit margin.

Samart Aviation Solutions - Good 2Q24 Earnings Growth; Further Acceleration in 2H24E