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

Somboon Advance Technology P / Equity Bottom-Up

<ul>
<li>We downgrade our rating to Neutral, as the valuation metrics indicate less attractiveness in terms of the valuation, with the stock price trading approximately 3.4% above the new fair value (FV).</li>
<li>The tactical outlook has also weakened compared to the previous report (from limited downside risk to neutral).</li>
<li>The 2025E FV has been revised down to Bt10.70 (previously Bt12.80) due to a reduction in the earnings forecasts by an average of approximately 7.3% to reflect the downbeat auto market.</li>
</ul>


We downgrade our rating to Neutral, as the valuation metrics indicate less attractiveness in terms of the valuation, with the stock price trading approximately 3.4% above the new fair value (FV).
The tactical outlook has also weakened compared to the previous report (from limited downside risk to neutral).
The 2025E FV has been revised down to Bt10.70 (previously Bt12.80) due to a reduction in the earnings forecasts by an average of approximately 7.3% to reflect the downbeat auto market.


Somboon Advance Technology - Recovery Signs Remain Weak