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 rating with a 12M FV of Bt47.51, based on the earnings yield and a required return of 9.6%.</li><li>The valuation metrics suggest that the share price implies upside of 70% to our fair value; meanwhile, the long-term earnings prospects are strong, and the tactical downside risk is very limited.</li><li>SAWAD reported a 2Q24 net profit of Bt1,264mn, up 10.3% YoY and 0.3% QoQ, in line with our expectation.</li></ul>

We maintain a Buy rating with a 12M FV of Bt47.51, based on the earnings yield and a required return of 9.6%.The valuation metrics suggest that the share price implies upside of 70% to our fair value; meanwhile, the long-term earnings prospects are strong, and the tactical downside risk is very limited.SAWAD reported a 2Q24 net profit of Bt1,264mn, up 10.3% YoY and 0.3% QoQ, in line with our expectation.

Srisawad Corporation - In-Line 2Q24 NP; Accelerating Credit Costs

Srisawad Power 1979

Srisawad Corporation - In-Line 2Q24 NP; Accelerating Credit Costs