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>2Q26 core profit beat our forecast on lower-than-expected expenses.</li><li>However, the company cut its RevPAR guidance (including Dubai) for the second time, bringing it close to our estimate, while the F&B business is expected to face pressure from the Thai Chuay Thai Plus scheme in 3Q26E.</li><li>We maintain our Neutral rating and 12-month FV of Bt40.50, based on a 3.9% required return.</li></ul>

2Q26 core profit beat our forecast on lower-than-expected expenses.However, the company cut its RevPAR guidance (including Dubai) for the second time, bringing it close to our estimate, while the F&B business is expected to face pressure from the Thai Chuay Thai Plus scheme in 3Q26E.We maintain our Neutral rating and 12-month FV of Bt40.50, based on a 3.9% required return.

Central Plaza Hotel Plc. (CENTEL): 2Q26 Core Profit Beat Expectations On Strong Cost Control - Neutral (12M FWD Fair Value Bt40.50)

Japan

Matsuya R&D Co.,Ltd. manufactures and distributes industry machinery equipment. The Company produces stitching systems for automobile safety devices, laser cutting machines, blood pressure arm bands, and other products. Matsuya R&D markets its products Japan.

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Matsuya R&D (7317 JP)

Central Plaza Hotel Plc. (CENTEL): 2Q26 Core Profit Beat Expectations On Strong Cost Control - Neutral (12M FWD Fair Value Bt40.50)

2Q26 core profit beat our forecast on lower-than-expected expenses. However, the company cut its RevPAR guidance (including Dubai) for the second...

Krungthai XSpring

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