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 our Buy rating, with a new fair price of Bt46.07, vs. Bt56.43 previously, based on the earnings yield and a required return of 9.4% (vs. 8.0% previously) due to a higher risk-free rate, which is based on the current Thai 10Y bond yield assumption, up by 60 bps.</li><li>Meanwhile, our 2024-25E net profit forecasts have been revised down by 13-18%.</li><li>Our valuation metrics reflect strength in all dimensions, including the long-term profit growth prospects, with projected EPS growth at a 14% CAGR in 2024-26E.</li></ul>

We maintain our Buy rating, with a new fair price of Bt46.07, vs. Bt56.43 previously, based on the earnings yield and a required return of 9.4% (vs. 8.0% previously) due to a higher risk-free rate, which is based on the current Thai 10Y bond yield assumption, up by 60 bps.Meanwhile, our 2024-25E net profit forecasts have been revised down by 13-18%.Our valuation metrics reflect strength in all dimensions, including the long-term profit growth prospects, with projected EPS growth at a 14% CAGR in 2024-26E.

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