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 an Outperform rating as the current price still offers 18% upside to the 12M fair value of Bt4.70 (based on a required return of 3.4%).</li><li>In addition, strong operational growth is expected over the next two years, with an EPS CAGR of +10%.</li><li>Tactically, the upside risk is limited, given that the current stock price is trading slightly below the 6-month historical average.</li></ul>

We maintain an Outperform rating as the current price still offers 18% upside to the 12M fair value of Bt4.70 (based on a required return of 3.4%).In addition, strong operational growth is expected over the next two years, with an EPS CAGR of +10%.Tactically, the upside risk is limited, given that the current stock price is trading slightly below the 6-month historical average.

The Erawan Group - Rising D/E Concerns Given Resumed Investments in Non- Budget Hotels