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 4Q23 and 2023 earnings were 32% and 6% lower than expected, respectively, due to higher-than-expected ECL expenses in 4Q23.</li><li>Hence, our 2024-25E earnings forecasts are tilting toward downward risk.</li><li>The potential downward revision to our earnings projections and the impact of the stock dividend may weigh on the valuation in the next 12 months, posing downside risk to our current rating.</li></ul>

The 4Q23 and 2023 earnings were 32% and 6% lower than expected, respectively, due to higher-than-expected ECL expenses in 4Q23.Hence, our 2024-25E earnings forecasts are tilting toward downward risk.The potential downward revision to our earnings projections and the impact of the stock dividend may weigh on the valuation in the next 12 months, posing downside risk to our current rating.

Thani - Downbeat 4Q23 Earnings Due to Higher-Than-Expected ECL

Ratchthani Leasing

Thani - Downbeat 4Q23 Earnings Due to Higher-Than-Expected ECL