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

<div><div><div><div><ul><li>We continue to recommend a Buy for TSE, with the 2023E SOTP-based fair price of Bt3.28 reflecting both existing power projects and projects under construction.</li><li>While we have revised down the 2023E net profit forecast to reflect the delay in the commencement of the Onikoube power project in Japan, TSE’s share price still implies some upside thanks to the clearer investment plan regarding future power projects after the firm qualified for the Provincial Electricity Authority’s (PEA) technical round.</li><li>TSE targets gaining a total capacity of not less than 200MW from projects up for auction in 2023.</li></ul></div></div></div></div>

We continue to recommend a Buy for TSE, with the 2023E SOTP-based fair price of Bt3.28 reflecting both existing power projects and projects under construction.While we have revised down the 2023E net profit forecast to reflect the delay in the commencement of the Onikoube power project in Japan, TSE’s share price still implies some upside thanks to the clearer investment plan regarding future power projects after the firm qualified for the Provincial Electricity Authority’s (PEA) technical round.TSE targets gaining a total capacity of not less than 200MW from projects up for auction in 2023.

Thai Solar Energy Plc. (TSE) - Expects to Win Not Less than 200MW from Auctions in 2023