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>3Q24 profit was better than expected, driven by higher-than- anticipated margins and other income, while sales were in line with expectations. 4Q24E profit should decline QoQ and remain flat YoY.</li><li>The current fundamental valuation remains attractive for buying, with the latest stock price implying 30% upside from the fair value (FV) of Bt88.47 (based on the earnings yield with a required return of 5%, reflecting a target PER of 20x).</li><li>From a tactical perspective, the outlook is neutral, as the stock price has declined by 30% over the past three months, reflecting concerns about the profit slowdown in the second half of the year and weaker international sales to some extent.</li></ul>

3Q24 profit was better than expected, driven by higher-than- anticipated margins and other income, while sales were in line with expectations. 4Q24E profit should decline QoQ and remain flat YoY.The current fundamental valuation remains attractive for buying, with the latest stock price implying 30% upside from the fair value (FV) of Bt88.47 (based on the earnings yield with a required return of 5%, reflecting a target PER of 20x).From a tactical perspective, the outlook is neutral, as the stock price has declined by 30% over the past three months, reflecting concerns about the profit slowdown in the second half of the year and weaker international sales to some extent.

Sappe - 3Q24 Earnings Down YoY and QoQ, but Better than Expected Due to a Strong GPM

Sappe Pcl

Sappe - 3Q24 Earnings Down YoY and QoQ, but Better than Expected Due to a Strong GPM