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 with a 12M FV of Bt111.50, based on the earnings yield method and a required return of 7.1%.</li><li>The valuation metrics imply upside of 15% to the fair value while the tactical downside risk is very limited. However, the long-term profit growth prospects appear to be weak.</li><li>TISCO reported a net profit of Bt1.7bn for 3Q24, slightly better than expected by 1%. This figure represents a decrease of 8.6% YoY and 2.0% QoQ.</li></ul>

We maintain an Outperform rating with a 12M FV of Bt111.50, based on the earnings yield method and a required return of 7.1%.The valuation metrics imply upside of 15% to the fair value while the tactical downside risk is very limited. However, the long-term profit growth prospects appear to be weak.TISCO reported a net profit of Bt1.7bn for 3Q24, slightly better than expected by 1%. This figure represents a decrease of 8.6% YoY and 2.0% QoQ.

Tisco Financial Group - Slightly Upbeat 3Q24 Earnings