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>The valuation metrics suggests maintaining a neutral view on the current fundamentals, with the stock price approximately 5% above the fair value (FV) of Bt14.68, based on the earnings yield with a required return of 8.2%.</li><li>A neutral stance is also maintained on the long-term growth outlook, with expected profit growth at a CAGR of 6%.</li><li>Tactically, we have revised our outlook to neutral (from limited upside risk previously). Therefore, the valuation metrics support a Neutral rating.</li></ul>

The valuation metrics suggests maintaining a neutral view on the current fundamentals, with the stock price approximately 5% above the fair value (FV) of Bt14.68, based on the earnings yield with a required return of 8.2%.A neutral stance is also maintained on the long-term growth outlook, with expected profit growth at a CAGR of 6%.Tactically, we have revised our outlook to neutral (from limited upside risk previously). Therefore, the valuation metrics support a Neutral rating.

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