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 TTB with a Neutral rating, and a 12- month fair value (12M FV) of Bt2.10, based on the earnings yield with a required return of 11%.</li><li>Our valuation metrics indicate that TTB’s medium-term profit growth is expected to achieve a CAGR of 7% during 2023-26E.</li><li>However, the stock implies upside of only 4% to the fair value, while the tactical risk is neutral.</li></ul>

We initiate our coverage on TTB with a Neutral rating, and a 12- month fair value (12M FV) of Bt2.10, based on the earnings yield with a required return of 11%.Our valuation metrics indicate that TTB’s medium-term profit growth is expected to achieve a CAGR of 7% during 2023-26E.However, the stock implies upside of only 4% to the fair value, while the tactical risk is neutral.

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