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 expect core profit for 3Q24E to have increased YoY, driven by higher land transfers and an improved GPM in industrial estates, while it is likely to have declined QoQ owing to lower land transfers and the recognition of losses from the Gheco-One power plant.</li><li>Notably, 3Q24E presales were high at 750 rai, including a 400-rai land sale to Google, with negotiations ongoing with Data Center (DC) and PCB client groups, supporting robust growth over the next two years at a 9.5% CAGR.</li><li>We revise our <span style="font-size: var(--content-font-size);">fair value (FV) to Bt6.40 (previously at Bt5.80), based on a </span>required return of 5.8% (6.1% previously), reflecting adjustments to the market risk premium (MRP) and our house view on the Thai 10Y bond yield.</li></ul>

We expect core profit for 3Q24E to have increased YoY, driven by higher land transfers and an improved GPM in industrial estates, while it is likely to have declined QoQ owing to lower land transfers and the recognition of losses from the Gheco-One power plant.Notably, 3Q24E presales were high at 750 rai, including a 400-rai land sale to Google, with negotiations ongoing with Data Center (DC) and PCB client groups, supporting robust growth over the next two years at a 9.5% CAGR.We revise our fair value (FV) to Bt6.40 (previously at Bt5.80), based on a required return of 5.8% (6.1% previously), reflecting adjustments to the market risk premium (MRP) and our house view on the Thai 10Y bond yield.

WHA CORPORATION - Intact Presales Growth from DC, with Further Growth in 2025E

WHA Corp Pcl

WHA CORPORATION - Intact Presales Growth from DC, with Further Growth in 2025E