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>3Q25 earnings turned to a large core loss from lower revenue and higher costs, driven by new aircraft deliveries and rising OTA fees.</li><li>We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited downside despite the stock trading near FV.</li><li>A short-term catalyst is the expected tender offer for AAV shares in Nov-25 by Thai partners of AirAsia X Berhad (AAX), following AAX’s acquisition of AirAsia Aviation Group Limited (AAAGL) shares from Capital A.</li></ul>

3Q25 earnings turned to a large core loss from lower revenue and higher costs, driven by new aircraft deliveries and rising OTA fees.We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited downside despite the stock trading near FV.A short-term catalyst is the expected tender offer for AAV shares in Nov-25 by Thai partners of AirAsia X Berhad (AAX), following AAX’s acquisition of AirAsia Aviation Group Limited (AAAGL) shares from Capital A.

ASIA AVIATION Plc. (AAV): 3Q25 Turned To Deep Loss As Expected...

Malaysia

AirAsia Berhad provides low-cost air carrier service. The company provides services on short-haul, point-to-point domestic and international routes. AirAsia, headquartered in Malaysia, operates from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

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AirAsia Berhad (AIRA MK)

ASIA AVIATION Plc. (AAV): 3Q25 Turned To Deep Loss As Expected...

We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited...

Krungthai XSpring

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