Securities analysis, case study: Xspring Capital Public Company Limited

Abstract

This research aimed to study 1) affect the value of securities, Xspring Capital Public Company Limited 2) forecast operating results financial status and financial ratios of the company Xspring Capital Public Company Limited 3) examine the business value of Xspring Capital Public Company Limited. That affect the value of XPG securities in order to bring relevant variables to use in predicting operating results financial status and the company's ratio from 2023 to 2027 and evaluate the company's business value. The factors that were studied include gross domestic product (GDP), exchange rate, inflation, gold price, and 10-year US government bond yields that affect the total income of Company X. Spring Capital Public Company Limited by using the Multiple Linear Regression method using the Ordinary Least Square (OLS) method with the sample group used to study 4 companies. Including Xspring Capital Public Company Limited (XPG), Brooker Group Public Company Limited (Brook), Beyond Securities Public Company Limited (BYD), AIRA Securities Public Company Limited (AIRA) MFC Asset Management Public Company Limited (MFC), and Greentech Ventures Public Company Limited (GTV)

From the study, it was found that the factors that affect the total income of All of them can be applied to the results of this test. From the study it was found that There are 3 independent variables that affect the company's total revenue exchange rate equal to 3.08371, gross domestic product (GDP) equal to 2.03859 and government bond yield (Bond) equal to (0.544464), statistical significance at the confidence level of 0.05, 0.01

It can be concluded that if the rate from the study results found that 3 independent variables affect the company's total revenue: exchange rate It can be concluded that if the exchange rate increases by 1%, the company's income will increase by 3.084%. Gross Domestic Product (GDP) If the GDP rate increases by 1%, the company's income will increase by 2.03%, and the index The yield on 10-year US bonds (bond) if the bond increases by 1% will cause the company's income to decrease by 0.544%.

There were 3 methods of valuing the company, consisting of 1. Discounted Cash Flow (DCF) method using the free cash flow of the business (Free Cash Flow to the Firm: FCFF). 2. Valuation of common shares using the method of valuation of the company. Residual valuation method and 3. Multiple Comparable method, found that each method has results in valuing the company. Different The results of the valuation of the company, Method 1. Using the Discount Cash Flow method or DCF, obtained the value of the company's common shares equal to 8.30 baht per share. Method 2. The valuation of common shares using the residual profit method is equal to 11.89 baht/share and method 3. Multiple Comparable equals 8.46 baht per share

The appropriate method for evaluating the value of the Company's common shares was the Discounted Cash Flow (DCF) method because it reflects the potential. and the ability to conduct business that may change or has future growth Therefore, the appropriate value of XPG's ordinary shares is in the range of 8.30 - 11.89 baht per share.