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.

Thematic (Sector/Industry)

<ul><li>Auto production in February 2026 continued to recover, rising 3.4% YoY, while domestic car sales declined 2.2% YoY following strong sales in January.</li><li>Exports were broadly stable (-0.2% YoY) and have not yet been impacted by Middle East tensions.</li><li>We also continue to monitor developments in the EV segment, following a wave of new launches at the Thailand Motor Show.</li></ul>

Auto production in February 2026 continued to recover, rising 3.4% YoY, while domestic car sales declined 2.2% YoY following strong sales in January.Exports were broadly stable (-0.2% YoY) and have not yet been impacted by Middle East tensions.We also continue to monitor developments in the EV segment, following a wave of new launches at the Thailand Motor Show.

Automotive: Auto Output Stable; Await March Data - Overweight

Japan

Mazda Motor Corporation manufactures and sells automobiles, trucks, auto parts, and its accessories.  The Company operates its business worldwide.

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