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>We maintained Outperform with a 12M fair value of Bt212.90, based on PBV of 0.85x.</li><li>KBANK reported 1Q26 core profit of Bt13.4bn (-3% YoY, +30% QoQ), beating our and market estimates by 24% and 18%, respectively.</li><li>Non-interest income came in above expectations (+28.4% YoY, +17.6% QoQ), including a one-off compensation gain of Bt1,455mn.</li></ul>

We maintained Outperform with a 12M fair value of Bt212.90, based on PBV of 0.85x.KBANK reported 1Q26 core profit of Bt13.4bn (-3% YoY, +30% QoQ), beating our and market estimates by 24% and 18%, respectively.Non-interest income came in above expectations (+28.4% YoY, +17.6% QoQ), including a one-off compensation gain of Bt1,455mn.

KBANK: Non-NII And Cost Control Were Key Highlights This Quarter

<ul><li>KBANK reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~11% below our estimate.</li><li>Expenses was higher than expected (+3.2% YoY, +9.8% QoQ), lifting the cost-to-income ratio to 48.1% due to IT investments to expand service channels.</li><li>Loan book edged down -0.3% YoY (+2.5% QoQ), while NIM contracted (-42 bps YoY, -18 bps QoQ).</li></ul>

KBANK reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~11% below our estimate.Expenses was higher than expected (+3.2% YoY, +9.8% QoQ), lifting the cost-to-income ratio to 48.1% due to IT investments to expand service channels.Loan book edged down -0.3% YoY (+2.5% QoQ), while NIM contracted (-42 bps YoY, -18 bps QoQ).

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Earnings Miss on Higher Costs

<ul><li>We maintain a “Neutral” rating with a new 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).</li><li>KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.</li><li>NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).</li></ul>

We maintain a “Neutral” rating with a new 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Thematic (Sector/Industry)

<ul><li>The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.</li><li>Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.</li><li>Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.</li></ul>

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control, despite NIM pressure weighing on interest income.Provisions increased to cushion uncertainties, while asset quality remained stable to slightly improved.Sector-wide strategies remain aligned, focusing on quality growth, cost discipline, and proactive provisioning to navigate uncertainties.

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

Thailand

Kasikornbank Public Company Limited (KBank) is a financial institution offering a comprehensive range of commercial banking, securities, and related financial services. It provides corporate and retail banking services, including various loan products, deposit accounts, credit and debit cards, and investment solutions. KBank is headquartered in Bangkok, Thailand, and was established on June 8, 1945.

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Kasikornbank (KBANK/F TB)

KBANK: Non-NII And Cost Control Were Key Highlights This Quarter

KBANK reported 1Q26 core profit of Bt13.4bn (-3% YoY, +30% QoQ), beating our and market estimates by 24% and 18%, respectively.

Krungthai XSpring

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Earnings Miss on Higher Costs

Expenses was higher than expected (+3.2% YoY, +9.8% QoQ), lifting the cost-to-income ratio to 48.1% due to IT investments to expand service channels.

Krungthai XSpring

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII

KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees...

Krungthai XSpring

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Banking: Thai Banks Under Pressure: Prioritizing Quality, Tightening Risk Control...

The banking sector’s 1Q26 results came in broadly better than market expectations, supported by strong non-NII growth and effective cost control...

Krungthai XSpring

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