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 upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).</li><li>The share price offers around 20% upside to the new FV; tactical downside risk is very limited.</li><li>We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.</li></ul>

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical downside risk is very limited.We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

Thematic (Sector/Industry)

<ul><li>The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.</li><li>However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.</li><li>We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.</li></ul>

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its support zone to 1,271–1,260 points, up from the previous 1,250–1,230 range.We therefore maintain our buy-on-dips, sell-on-rallies strategy, as the index still has limited upside and requires a clearer bullish confirmation.

Krungthai XSpring Technical Eng. December 4, 2025

<ul><li>We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an adjustment to the beta assessment period under revised macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).</li><li>The current share price still offers about 18% upside to the new fair value, while the company’s long-term growth remains below the industry average due to a loan portfolio with low growth potential.</li><li>Meanwhile, the tactical upside risk appears limited</li></ul>

We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an adjustment to the beta assessment period under revised macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).The current share price still offers about 18% upside to the new fair value, while the company’s long-term growth remains below the industry average due to a loan portfolio with low growth potential.Meanwhile, the tactical upside risk appears limited

SRISAWAD CORPORATION Plc. (SAWAD): Earnings Beat Expectations From Lower Expenses

<ul><li>We upgrade our rating to Outperform and maintain the 12-month fair value (FV) at Bt31, based on a required return of 9.4%.</li><li>From a fundamental standpoint, SAWAD remains attractively valued due to: (i) approximately 60% upside to its fair value, (ii) trading below 1x PBV, and (iii) the expected resumption of cash dividend payments, with an estimated yield of around 5.8%.</li><li>The company’s long-term growth outlook is below the industry average, as its loan portfolio is expected to grow at a slower pace.</li></ul>

We upgrade our rating to Outperform and maintain the 12-month fair value (FV) at Bt31, based on a required return of 9.4%.From a fundamental standpoint, SAWAD remains attractively valued due to: (i) approximately 60% upside to its fair value, (ii) trading below 1x PBV, and (iii) the expected resumption of cash dividend payments, with an estimated yield of around 5.8%.The company’s long-term growth outlook is below the industry average, as its loan portfolio is expected to grow at a slower pace.

Srisawad Corporation - 2Q25E Profit to Have Recovered Slightly QoQ

<ul><li>We maintain a Neutral rating with a new 12-month fair value (FV) of Bt31.00 (previously Bt42.20).</li><li>The new fair value reflects: i) downward revisions of the 2024-27E earnings forecasts; and ii) an increase in the required return to 9.4% (from 8.8%) following adjustments to the macroeconomic assumptions — the Rf and MRP were revised to 2.07% and 5.58%, respectively (from 2.27% and 4.43%).</li><li>The company’s long-term growth outlook remains below the industry average, with modest loan portfolio expansion. Net profit is expected to contract by 7.4% in 2025E before recovering at a 7.8% CAGR during 2026- 2027E.</li></ul>

We maintain a Neutral rating with a new 12-month fair value (FV) of Bt31.00 (previously Bt42.20).The new fair value reflects: i) downward revisions of the 2024-27E earnings forecasts; and ii) an increase in the required return to 9.4% (from 8.8%) following adjustments to the macroeconomic assumptions — the Rf and MRP were revised to 2.07% and 5.58%, respectively (from 2.27% and 4.43%).The company’s long-term growth outlook remains below the industry average, with modest loan portfolio expansion. Net profit is expected to contract by 7.4% in 2025E before recovering at a 7.8% CAGR during 2026- 2027E.

Srisawad Corporation - Cautious Lending and Strengthened Balance Sheet to Brace for Uncertainty

Thailand

Srisawad Corporation Public Company Limited operates as a consumer finance company. The Company provides personal secured loans, home loans, loans for international labors, and other related financial products. Srisawad offers its products and services to retail clients in Thailand.

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Srisawad Power 1979 (SAWAD TB)

SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 4, 2025

The weakness in DELTA and ADVANC, along with a lack of new market catalysts, weighed on the SET.However, the index appears to have raised its...

Krungthai XSpring

SRISAWAD CORPORATION Plc. (SAWAD): Earnings Beat Expectations From Lower Expenses

We maintain Outperform rating with a new fair value of Bt26.80 (from Bt33.00), based on a required return of 11.04% (from 9.4%), following an...

Krungthai XSpring

Srisawad Corporation - 2Q25E Profit to Have Recovered Slightly QoQ

We upgrade our rating to Outperform and maintain the 12-month fair value (FV) at Bt31, based on a required return of 9.4%.

Krungthai XSpring

Srisawad Corporation - Cautious Lending and Strengthened Balance Sheet to Brace for Uncertainty

On the technical side, the downside risk appears limited after the stock price dropped sharply by around 18% following the disappointing 1Q25 results.

Krungthai XSpring

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