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 TVO with a Neutral rating and a 12- month FV of Bt22.90, based on a required return of 7.45%.</li><li>Our valuation metrics indicate that the current valuation is neutral, and the earnings growth is strong, while the tactical parameters show limited upside.</li><li>TVO should offer attractive dividend yields of 6.6% and 4.3% in 2024-25E, respectively, higher than peers’ averages of 3.4% and 4.2%, respectively.</li></ul>

We initiate our coverage on TVO with a Neutral rating and a 12- month FV of Bt22.90, based on a required return of 7.45%.Our valuation metrics indicate that the current valuation is neutral, and the earnings growth is strong, while the tactical parameters show limited upside.TVO should offer attractive dividend yields of 6.6% and 4.3% in 2024-25E, respectively, higher than peers’ averages of 3.4% and 4.2%, respectively.

Thai Vegetable Oil - Short Term Positive but Challenge in Long Term