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>TTB reported 3Q25 net profit of Bt5.3bn (+0.5% YoY, +5.9% QoQ), 8% above our and the market’s estimates, supported by stronger fee income and lower provisions.</li><li>Non-NII rose 23% YoY and 7% QoQ, beating forecasts, driven by robust fee income from mutual funds and the consolidation of TNS (Thanachart Securities).</li><li>We switch to Neutral (from Underperform) with a new 12M TP of Bt2.00 (from Bt1.80), implying an upside of around 9%, consistent with the view that downside risk is now limited from a tactical perspective.</li></ul>

TTB reported 3Q25 net profit of Bt5.3bn (+0.5% YoY, +5.9% QoQ), 8% above our and the market’s estimates, supported by stronger fee income and lower provisions.Non-NII rose 23% YoY and 7% QoQ, beating forecasts, driven by robust fee income from mutual funds and the consolidation of TNS (Thanachart Securities).We switch to Neutral (from Underperform) with a new 12M TP of Bt2.00 (from Bt1.80), implying an upside of around 9%, consistent with the view that downside risk is now limited from a tactical perspective.

TTB: Upbeat Earnings On Solid Non-NII And Lower Provisions

<ul><li>We maintain an Underperform rating with a target price of Bt1.84, based on a PBV of 0.71x (derived from a regression model).</li><li>The long-term growth outlook is weaker than the industry average, with profit growth expected to mark a negative CAGR of -5.1% during 2025-27E due to the expiration of tax benefits.</li><li>From a tactical perspective, the risk is viewed as neutral.</li></ul>

We maintain an Underperform rating with a target price of Bt1.84, based on a PBV of 0.71x (derived from a regression model).The long-term growth outlook is weaker than the industry average, with profit growth expected to mark a negative CAGR of -5.1% during 2025-27E due to the expiration of tax benefits.From a tactical perspective, the risk is viewed as neutral.

TMBTHANACHART BANK Plc - Better Asset Quality; Lower Provisions and NPLs

Thematic (Sector/Industry)

<ul><li>Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.</li><li>The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.</li><li>We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.</li></ul>

Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.

Krungthai XSpring Technical Eng. December 11, 2025

<ul><li>We maintain a Neutral rating with a 12-month fair value (12M FV) of Bt2.33, based on the earnings yield method with a required return of 10.1%.</li><li>Given the ongoing macroeconomic uncertainties and volatility in financial markets, we are in the process of reviewing and revising the valuation method for the banking sector.</li><li>TTB reported a net profit of Bt5.1bn in 1Q25, down 5.2% YoY but up 2.1% QoQ. </li></ul>

We maintain a Neutral rating with a 12-month fair value (12M FV) of Bt2.33, based on the earnings yield method with a required return of 10.1%.Given the ongoing macroeconomic uncertainties and volatility in financial markets, we are in the process of reviewing and revising the valuation method for the banking sector.TTB reported a net profit of Bt5.1bn in 1Q25, down 5.2% YoY but up 2.1% QoQ. 

Tmbthanachart Bank - Downbeat 1Q25 Earnings

<ul><li>We downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).</li><li>As a result, the tactical outlook has been adjusted to limited upside risk from the previous neutral.</li><li>Our new 12-month fair value (12M FV) is Bt2.37 (previously Bt2.25), based on the earnings yield method with a required return of 9.8% (previously 10.2%).</li></ul>

We downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).As a result, the tactical outlook has been adjusted to limited upside risk from the previous neutral.Our new 12-month fair value (12M FV) is Bt2.37 (previously Bt2.25), based on the earnings yield method with a required return of 9.8% (previously 10.2%).

Tmbthanachart Bank - Provisions to Decline; Cautious Growth Approach Maintained

Thailand

TMBThanachart Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMBThanachart Bank (TTB TB)

TTB: Upbeat Earnings On Solid Non-NII And Lower Provisions

TTB reported 3Q25 net profit of Bt5.3bn (+0.5% YoY, +5.9% QoQ), 8% above our and the market’s estimates, supported by stronger fee income and lower...

Krungthai XSpring

TMBTHANACHART BANK Plc - Better Asset Quality; Lower Provisions and NPLs

The long-term growth outlook is weaker than the industry average, with profit growth expected to mark a negative CAGR of -5.1% during 2025-27E due...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 11, 2025

The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a...

Krungthai XSpring

Tmbthanachart Bank - Downbeat 1Q25 Earnings

We maintain a Neutral rating with a 12-month fair value (12M FV) of Bt2.33, based on the earnings yield method with a required return of 10.1%.

Krungthai XSpring

Tmbthanachart Bank - Provisions to Decline; Cautious Growth Approach Maintained

We downgrade to a Neutral rating (from Outperform) after the stock price increased by 5.0% over the past month (compared to the SET’s -0.8%).

Krungthai XSpring

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