Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

Thai Airways International / Equity Bottom-Up

<ul><li>THAI reported disappointing operating statistics for May 2026.</li><li>We expect THAI to report a core loss in 2Q26E.</li><li>We maintain our Buy rating and 12-month fair value of Bt6.80, based on an EV/EBITDA multiple of 3.4x.</li></ul>

THAI reported disappointing operating statistics for May 2026.We expect THAI to report a core loss in 2Q26E.We maintain our Buy rating and 12-month fair value of Bt6.80, based on an EV/EBITDA multiple of 3.4x.

THAI: May 2026 Operating Statistics Weakened Amid Higher Fuel Costs.

China

China Southern Airlines is a major airline specializing in comprehensive air transportation services, including scheduled passenger flights and the transport of cargo and mail. The airline also provides complementary services such as aircraft maintenance, catering, and ground handling. It is headquartered in Guangzhou, Guangdong, China, and was founded in 1988.

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