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

<ul><li>BBL reported upbeat 3Q25 earnings of Bt14.0bn (+11% YoY, +16% QoQ), beating estimates by 27–30%, driven by strong Non-NII.</li><li>Non-NII rose 36% YoY and 33% QoQ, supported by gains from FVTPL investments of Bt5.5bn (+50% YoY, +147% QoQ) and net investment gains of Bt3.7bn (+420% YoY, +12% QoQ).</li><li>Net interest income (NII) continued to decline by 8% YoY and 3% QoQ due to lower loan volumes and a narrower NIM.</li></ul>

BBL reported upbeat 3Q25 earnings of Bt14.0bn (+11% YoY, +16% QoQ), beating estimates by 27–30%, driven by strong Non-NII.Non-NII rose 36% YoY and 33% QoQ, supported by gains from FVTPL investments of Bt5.5bn (+50% YoY, +147% QoQ) and net investment gains of Bt3.7bn (+420% YoY, +12% QoQ).Net interest income (NII) continued to decline by 8% YoY and 3% QoQ due to lower loan volumes and a narrower NIM.

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Upbeat Earnings Lifted By Investment Gains

Thematic (Sector/Industry)

<ul><li>The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.</li><li>Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.</li><li>Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.</li></ul>

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.Although selling pressure spread across a broad range of sectors, the index managed to hold above the 1,250-point support level.Therefore, we continue to recommend buying at the support, viewing these levels as attractive entry points, as the index has rebounded several times from this area in the past.

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

<ul><li>Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.</li><li>US equities rebounded (S&amp;P 500 +0.79%, NASDAQ +1.38%), led by a recovery in technology stocks, after US November inflation came in below expectations.</li><li>Yesterday, banking stocks rose 2.64%, while finance stocks fell 3.54% and retail stocks declined 2.06%.</li></ul>

Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.US equities rebounded (S&amp;P 500 +0.79%, NASDAQ +1.38%), led by a recovery in technology stocks, after US November inflation came in below expectations.Yesterday, banking stocks rose 2.64%, while finance stocks fell 3.54% and retail stocks declined 2.06%.

Krungthai XSpring Zoom Eng. December 19, 2025

<ul><li>We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.</li><li>The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.</li><li>On a tactical basis, the downside risk is limited.</li></ul>

We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.On a tactical basis, the downside risk is limited.

Bangkok Bank Public Company Limited - Upbeat 2Q25 Earnings but Provisions Increased

<ul><li>We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.</li><li>The stock price implies 18.8% upside to its fair value. The net profit growth outlook is moderate, with an expected CAGR of 5.1% in 2025-26E.</li><li>This should be driven by loan portfolio expansion and declining provisions, supported by the highest coverage ratio among Thai banks at 334%.</li></ul>

We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.The stock price implies 18.8% upside to its fair value. The net profit growth outlook is moderate, with an expected CAGR of 5.1% in 2025-26E.This should be driven by loan portfolio expansion and declining provisions, supported by the highest coverage ratio among Thai banks at 334%.

Bangkok Bank - In-Line 4Q24 Earnings; Better Asset Quality

Thailand

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

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Bangkok Bank Public (BBL TB)

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Upbeat Earnings Lifted By Investment Gains

Non-NII rose 36% YoY and 33% QoQ, supported by gains from FVTPL investments of Bt5.5bn (+50% YoY, +147% QoQ) and net investment gains of Bt3.7bn...

Krungthai XSpring

Krungthai XSpring Technical Eng. DECEMBER 19, 2025

The SET opened higher on gains in banking stocks but was weighed down by declines in DELTA, as well as finance, hospital, commerce, and energy stocks.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 19, 2025

Today, the SET Index is trading in a sideways-up pattern, with resistance at 1,260/1,270 points and support at 1,250/1,235 points.

Krungthai XSpring

Bangkok Bank Public Company Limited - Upbeat 2Q25 Earnings but Provisions Increased

We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of...

Krungthai XSpring

Bangkok Bank - In-Line 4Q24 Earnings; Better Asset Quality

We maintain an Outperform rating with a 12-month fair value (FV) of Bt180.00, based on the earnings yield method with a. required return of 14.1%.

Krungthai XSpring

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