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 maintain our Outperform rating as the stock remains attractive in terms of the valuation, with 23.3% upside from the new fair value (FV) of Bt2.17.</li><li>Meanwhile, the tactical downside risk is very limited, and a dividend yield of approximately 5.7% is expected for 2H24E.</li><li>The FV has been revised up to Bt2.17 from Bt2.03 previously, driven by rolling over the EPS estimate to 2025E with an upward revision and a reduction in the required return, which is used as the discount rate, to 13.6% (previously 13.8%) on the back of a lower assumed risk-free rate.</li></ul>

We maintain our Outperform rating as the stock remains attractive in terms of the valuation, with 23.3% upside from the new fair value (FV) of Bt2.17.Meanwhile, the tactical downside risk is very limited, and a dividend yield of approximately 5.7% is expected for 2H24E.The FV has been revised up to Bt2.17 from Bt2.03 previously, driven by rolling over the EPS estimate to 2025E with an upward revision and a reduction in the required return, which is used as the discount rate, to 13.6% (previously 13.8%) on the back of a lower assumed risk-free rate.

Sansiri - Earnings to Peak for the Year in 4Q24E

Sansiri Public

Sansiri - Earnings to Peak for the Year in 4Q24E