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 TISCO with a Neutral rating and a 12M FV of Bt98.73, based on the earnings yield and a required return of 8.1%.</li><li>The required return being lower than the dividend yield suggests that the share price may move in the range of Bt90-100/share, as in the past, with the high dividend yield helping to limit the downside risk to the share price.</li><li>Meanwhile, the long-term growth prospects remain weak, unless external supporting factors emerge, such as bond yields or the equity risk premium (ERP).</li></ul>

We initiate our coverage on TISCO with a Neutral rating and a 12M FV of Bt98.73, based on the earnings yield and a required return of 8.1%.The required return being lower than the dividend yield suggests that the share price may move in the range of Bt90-100/share, as in the past, with the high dividend yield helping to limit the downside risk to the share price.Meanwhile, the long-term growth prospects remain weak, unless external supporting factors emerge, such as bond yields or the equity risk premium (ERP).

Tisco Financial Group - Lack of Growth Catalysts but Attractive Dividend