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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul>
<li>We expect 3Q26E core profit (CP), down YoY but up QoQ amid changing jet fuel costs, remains in line with our outlook.</li>
<li>We maintain <strong>Outperform</strong> and a 12-month forward fair value of Bt20.50, based on 5.9x EV/EBITDA.</li>
<li>Yesterday's 3% share price drop appears excessive relative to concerns over higher travel costs from a potential Bt1,000 air departure tax, as affected passengers account for just 2-3% of the total.</li>
</ul>


We expect 3Q26E core profit (CP), down YoY but up QoQ amid changing jet fuel costs, remains in line with our outlook.
We maintain Outperform and a 12-month forward fair value of Bt20.50, based on 5.9x EV/EBITDA.
Yesterday's 3% share price drop appears excessive relative to concerns over higher travel costs from a potential Bt1,000 air departure tax, as affected passengers account for just 2-3% of the total.


3Q26E CP Up QoQ; Limited Departure Tax Impact

Bangkok Airways

3Q26E CP Up QoQ; Limited Departure Tax Impact