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 initiate coverage on SCB with an Outperform rating, with a 12M FV of Bt117.44, based on the earnings yield and a required return of 11.7%.</li><li>The valuation metrics suggest that the share price implies upside of 10.8% vs. the fair value.</li><li>Loan quality control and the expansion of auto title loans should boost the earnings growth for SCB, reaching a 6.0% CAGR in 2024-26E. </li></ul>

We initiate coverage on SCB with an Outperform rating, with a 12M FV of Bt117.44, based on the earnings yield and a required return of 11.7%.The valuation metrics suggest that the share price implies upside of 10.8% vs. the fair value.Loan quality control and the expansion of auto title loans should boost the earnings growth for SCB, reaching a 6.0% CAGR in 2024-26E. 

SCB - High Dividends the Highlight Amid Slow Domestic Loan Growth

Siam Commercial Bank

SCB - High Dividends the Highlight Amid Slow Domestic Loan Growth