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 maintain a Buy call, with a new fair value of Bt46.07. Our valuation metrics suggest strengths in all dimensions, including the long-term growth prospects (with expected EPS growth at a 14% CAGR in 2024-26E), alongside limited tactical downside risks.</li><li>SAWAD’s 1Q24E net profit is expected at Bt1,315mn (+9.5% YoY and +3.8% QoQ).</li><li>Loans are expected to have grown 48.9% YoY from the low base in 1Q23 when the financial statement of Fast Money was not consolidated.</li></ul>

We maintain a Buy call, with a new fair value of Bt46.07. Our valuation metrics suggest strengths in all dimensions, including the long-term growth prospects (with expected EPS growth at a 14% CAGR in 2024-26E), alongside limited tactical downside risks.SAWAD’s 1Q24E net profit is expected at Bt1,315mn (+9.5% YoY and +3.8% QoQ).Loans are expected to have grown 48.9% YoY from the low base in 1Q23 when the financial statement of Fast Money was not consolidated.

Srisawad Corporation -1Q24E Core Profit to Have Grown Slightly YoY and QoQ

Srisawad Power 1979

Srisawad Corporation -1Q24E Core Profit to Have Grown Slightly YoY and QoQ