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 hold a slightly positive view after yesterday’s Opportunity Day.</li><li>Management is confident in asset quality control and repossessed-car management, both in provisioning and NPLs.</li><li>The company guides next year’s credit cost at no less than 2%, with coverage above 100%.</li></ul>

We hold a slightly positive view after yesterday’s Opportunity Day.Management is confident in asset quality control and repossessed-car management, both in provisioning and NPLs.The company guides next year’s credit cost at no less than 2%, with coverage above 100%.

RATCHTHANI LEASING Plc. (THANI): Solid Balance Sheet And Asset Quality...

<ul><li>We maintain “Buy” with a 12-month fair value of Bt2.30, based on a 7.5% required return.</li><li>3Q25 net profit was Bt301mn (+277% YoY, +8% QoQ), 30% above forecast due to lower-than-expected provisions.</li><li>Loan portfolio fell 17% YoY and 4% QoQ). NIM improved slightly QoQ and overall expenses remained stable.</li></ul>

We maintain “Buy” with a 12-month fair value of Bt2.30, based on a 7.5% required return.3Q25 net profit was Bt301mn (+277% YoY, +8% QoQ), 30% above forecast due to lower-than-expected provisions.Loan portfolio fell 17% YoY and 4% QoQ). NIM improved slightly QoQ and overall expenses remained stable.

RATCHTHANI LEASING Plc. (THANI): Provisions Beat...

<ul><li>We maintain “Buy,” with the current price offering ~45% upside to the new FV. Long-term growth remains above the industry average, with limited tactical downside.</li><li>We raise our fair value (FV) to Bt2.30 (from Bt2.27), rolling forward to a 12-month FV, based on a required return of 7.5% and updated macro assumptions: Rf 1.04% and MRP 5.74% (from 1.48% / 5.26%).</li><li>THANI stands out with strong asset quality, low repossessed car inventory, and a solid balance sheet (D/E ~2.0x), offering a ~5% dividend yield.</li></ul>

We maintain “Buy,” with the current price offering ~45% upside to the new FV. Long-term growth remains above the industry average, with limited tactical downside.We raise our fair value (FV) to Bt2.30 (from Bt2.27), rolling forward to a 12-month FV, based on a required return of 7.5% and updated macro assumptions: Rf 1.04% and MRP 5.74% (from 1.48% / 5.26%).THANI stands out with strong asset quality, low repossessed car inventory, and a solid balance sheet (D/E ~2.0x), offering a ~5% dividend yield.

RATCHTHANI LEASING Plc. (THANI): 3Q25E Profit Expected To Rise YoY But Decline QoQ

<ul><li>We downgrade our rating to Neutral and maintain the 12-month fair value at Bt1.80, based on a required return of 9.5%, following a roughly 9% increase in the share price since our last report.</li><li>The company’s performance has shown a strong recovery, particularly in asset quality, which has improved noticeably, along with a significant decline in the number of repossessed vehicles.</li><li>THANI reported a 2Q25 net profit of Bt179mn, up 9% YoY and 10% QoQ, in line with our expectations.</li></ul>

We downgrade our rating to Neutral and maintain the 12-month fair value at Bt1.80, based on a required return of 9.5%, following a roughly 9% increase in the share price since our last report.The company’s performance has shown a strong recovery, particularly in asset quality, which has improved noticeably, along with a significant decline in the number of repossessed vehicles.THANI reported a 2Q25 net profit of Bt179mn, up 9% YoY and 10% QoQ, in line with our expectations.

Ratchthani Leasing - NPLs Continued to Decline...

<ul><li>We upgrade our rating to Outperform (previously Neutral), with a new 12-month fair value (FV) of Bt1.80 (up from Bt1.43), based on the earnings yield method with a revised required return of 9.5% (previously 10.7%).</li><li>This follows an upward earnings revision and an adjustment to the beta estimation range under new macro assumptions, including a risk-free rate (Rf) of 1.47% and a market risk premium (MRP) of 6.83% (previously 2.07% and 5.58%, respectively).</li><li>THANI remains the leading player in the truck leasing segment, backed by a solid balance sheet and growth in line with industry trends.</li></ul>

We upgrade our rating to Outperform (previously Neutral), with a new 12-month fair value (FV) of Bt1.80 (up from Bt1.43), based on the earnings yield method with a revised required return of 9.5% (previously 10.7%).This follows an upward earnings revision and an adjustment to the beta estimation range under new macro assumptions, including a risk-free rate (Rf) of 1.47% and a market risk premium (MRP) of 6.83% (previously 2.07% and 5.58%, respectively).THANI remains the leading player in the truck leasing segment, backed by a solid balance sheet and growth in line with industry trends.

Ratchthani Leasing - 2Q25E Earnings to Have Grown Both YoY and QoQ

Thailand

Ratchthani Leasing Public Company Limited provides hire-purchase and leasing services for used automobiles to businesses and retail consumers in Thailand.

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Ratchthani Leasing (THANI TB)

RATCHTHANI LEASING Plc. (THANI): Solid Balance Sheet And Asset Quality...

We hold a slightly positive view after yesterday’s Opportunity Day.Management is confident in asset quality control and repossessed-car management...

Krungthai XSpring

RATCHTHANI LEASING Plc. (THANI): Provisions Beat...

We maintain “Buy” with a 12-month fair value of Bt2.30, based on a 7.5% required return.3Q25 net profit was Bt301mn (+277% YoY, +8% QoQ), 30% above...

Krungthai XSpring

RATCHTHANI LEASING Plc. (THANI): 3Q25E Profit Expected To Rise YoY But Decline QoQ

We maintain “Buy,” with the current price offering ~45% upside to the new FV. Long-term growth remains above the industry average, with limited...

Krungthai XSpring

Ratchthani Leasing - NPLs Continued to Decline...

We downgrade our rating to Neutral and maintain the 12-month fair value at Bt1.80, based on a required return of 9.5%, following a roughly 9%...

Krungthai XSpring

Ratchthani Leasing - 2Q25E Earnings to Have Grown Both YoY and QoQ

THANI remains the leading player in the truck leasing segment, backed by a solid balance sheet and growth in line with industry trends.

Krungthai XSpring

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