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 Neutral rating on TVO with a new 12-month fair value (FV) of Bt25.00 (up from Bt22.90), based on a required return of 7.27% (vs. a required return of 7.45% previously).</li><li>Our valuation metrics indicate that the current price provides just 5% upside to our fair value.</li><li>In addition, its earnings trajectory is steady, with a strong recovery in 2024E before a contraction in 2025E.</li></ul>

We maintain our Neutral rating on TVO with a new 12-month fair value (FV) of Bt25.00 (up from Bt22.90), based on a required return of 7.27% (vs. a required return of 7.45% previously).Our valuation metrics indicate that the current price provides just 5% upside to our fair value.In addition, its earnings trajectory is steady, with a strong recovery in 2024E before a contraction in 2025E.

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