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 retain an Outperform rating as the stock remains attractive in terms of valuation, with upside of around 11.5% from its fair value (FV) of Bt2.03 (based on a required return of 13.8%).</li><li>In addition, a dividend yield of around 5.6% is expected for 2H24E.</li><li>The stock has limited downside risk tactically, as the 6-month average differential between the stock price and the FV is near the lower bound (average -1.5 S.D.).</li></ul>

We retain an Outperform rating as the stock remains attractive in terms of valuation, with upside of around 11.5% from its fair value (FV) of Bt2.03 (based on a required return of 13.8%).In addition, a dividend yield of around 5.6% is expected for 2H24E.The stock has limited downside risk tactically, as the 6-month average differential between the stock price and the FV is near the lower bound (average -1.5 S.D.).

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