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 downgrade our rating to Outperform (from Buy) after revising our long-term profit growth outlook to steady (previously strong), as revenue from the Grand Hyatt Erawan is weaker than expected.</li><li>The projected CAGR for profit in 2024-26E is now +10% (previously +16%).</li><li>ERW remains fundamentally attractive to buy, as we believe the 22% YTD drop in the stock price has likely priced in the weak 3Q24E performance.</li></ul>

We downgrade our rating to Outperform (from Buy) after revising our long-term profit growth outlook to steady (previously strong), as revenue from the Grand Hyatt Erawan is weaker than expected.The projected CAGR for profit in 2024-26E is now +10% (previously +16%).ERW remains fundamentally attractive to buy, as we believe the 22% YTD drop in the stock price has likely priced in the weak 3Q24E performance.

Erawan Group

The Erawan Group - Weak 3Q24E Earnings