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 as the long-term growth outlook remains strong.</li><li>Core profit growth is projected to achieve a CAGR of 23% during 2024-26E, alongside the normalization of the aviation sector in Cambodia.</li><li>The fair value (FV) outlook has been downgraded to undervalued (previously buy) as the stock price has risen over 15% in the past three months, leaving upside of just 9% compared to the FV of Bt24.90 (based on a required return of 3.4%).</li></ul>

We maintain an Outperform rating as the long-term growth outlook remains strong.Core profit growth is projected to achieve a CAGR of 23% during 2024-26E, alongside the normalization of the aviation sector in Cambodia.The fair value (FV) outlook has been downgraded to undervalued (previously buy) as the stock price has risen over 15% in the past three months, leaving upside of just 9% compared to the FV of Bt24.90 (based on a required return of 3.4%).

Samart Aviation Solutions - Maintained 3Q24 Earnings Momentum Despite Stronger Baht