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

Srisawad Finance Public Company Limited / Equity Bottom-Up

Srisawad Finance Public Company Limited (BFIT TB)

<ul><li>We maintain a Buy rating, with a fair value of Bt46.07.</li><li>Our valuation metrics suggest strength in all dimensions, including the long-term earnings growth, with an expected CAGR of 14% in 2024-26E. In addition, the tactical downside risk is limited.</li><li>SAWAD’s 1Q24 net profit was just 4% lower than our expectation at Bt1,261mn, growing 5.1% YoY but -0.4% QoQ, with higher- than-expected expenses offset by a lower-than-expected provision.</li></ul>

We maintain a Buy rating, with a fair value of Bt46.07.Our valuation metrics suggest strength in all dimensions, including the long-term earnings growth, with an expected CAGR of 14% in 2024-26E. In addition, the tactical downside risk is limited.SAWAD’s 1Q24 net profit was just 4% lower than our expectation at Bt1,261mn, growing 5.1% YoY but -0.4% QoQ, with higher- than-expected expenses offset by a lower-than-expected provision.

Srisawad Corporation - Downbeat Earnings by 4%; Lower Provisions QoQ