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 a Neutral rating with a negative view on the fundamentals, as the stock price has increased by 9% YTD, creating upside of approximately 7% from the fair value of Bt6.40, based on a required return of 5.8%.</li><li>We estimate that long-term earnings over the next two years will see solid growth with a CAGR of +10%, supported by consistently high presales, while our tactical view remains neutral.</li><li>However, we view that the stock price may decline due to the lower-than-expected 3Q24 earnings.</li></ul>

We maintain a Neutral rating with a negative view on the fundamentals, as the stock price has increased by 9% YTD, creating upside of approximately 7% from the fair value of Bt6.40, based on a required return of 5.8%.We estimate that long-term earnings over the next two years will see solid growth with a CAGR of +10%, supported by consistently high presales, while our tactical view remains neutral.However, we view that the stock price may decline due to the lower-than-expected 3Q24 earnings.

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