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 initiate our coverage on SVI with a BUY rating and a FY2024 fair value of Bt8.00, based on a required rate of return of 6.78%.</li><li>We believe SVI’s FY2024 core earnings will recover to Bt1.2bn (+24% YoY), driven by a recovery in demand from existing customers, as well as new customers in the automotive space.</li><li>In the mid-to-long run, SVI’s core earnings should grow by 17%CAGR between 2023-2026E, driven mainly by the growth of existing customers and capturing new customers looking to decouple itself from China.</li></ul>

We initiate our coverage on SVI with a BUY rating and a FY2024 fair value of Bt8.00, based on a required rate of return of 6.78%.We believe SVI’s FY2024 core earnings will recover to Bt1.2bn (+24% YoY), driven by a recovery in demand from existing customers, as well as new customers in the automotive space.In the mid-to-long run, SVI’s core earnings should grow by 17%CAGR between 2023-2026E, driven mainly by the growth of existing customers and capturing new customers looking to decouple itself from China.

Svi -New Customers and Demand Recovery in 2023-26E

SVI Pcl

Svi -New Customers and Demand Recovery in 2023-26E