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 on SVI, while upgrading our tactical view to very limited downside (from neutral), based on the valuation metrics.</li><li>The 1Q24 core earnings were slightly above our expectation, mainly due to a solid gross margin.</li><li>Sales growth weakened further YoY and QoQ, especially in its key segments, due to unfavorable global economic conditions.</li></ul>

We maintain our Buy rating on SVI, while upgrading our tactical view to very limited downside (from neutral), based on the valuation metrics.The 1Q24 core earnings were slightly above our expectation, mainly due to a solid gross margin.Sales growth weakened further YoY and QoQ, especially in its key segments, due to unfavorable global economic conditions.

SVI - Earnings Growth in 1Q24 Carried by Higher Gross Margin

SVI Pcl

SVI - Earnings Growth in 1Q24 Carried by Higher Gross Margin