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

Sri Trang Gloves Thailand  / Equity Bottom-Up

<ul><li>KTX maintains an Outperform rating, with a new fair value (FV) of Bt11.80 (vs. Bt14.69 previously), based on the earnings yield and a required return of 3.23%, reflecting the target PER of 31.0x.</li><li>The valuation metrics indicate that the current stock price is undervalued with 9% upside to our fair price; the earnings growth is strong at a 42% CAGR in 2024-26E; and the tactical parameters are neutral.</li><li>We like STGT for its position as a global player in the medical glove industry. </li></ul>

KTX maintains an Outperform rating, with a new fair value (FV) of Bt11.80 (vs. Bt14.69 previously), based on the earnings yield and a required return of 3.23%, reflecting the target PER of 31.0x.The valuation metrics indicate that the current stock price is undervalued with 9% upside to our fair price; the earnings growth is strong at a 42% CAGR in 2024-26E; and the tactical parameters are neutral.We like STGT for its position as a global player in the medical glove industry. 

Sri Trang Gloves (Thailand) - Earnings Revised Down but Still in Growth Trend