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 maintain an Outperform rating, with a revised 12-month forward fair value of Bt37.50, based on a 4.8% required return and implying 20.7x PER (previously Bt33.75 at 4.0%).</li><li>Strong 2026E earnings growth reflects the Indonesian business turnaround.</li><li>Its recovery should remove the valuation drag that has persisted through the downcycle since 2022.</li></ul>

We maintain an Outperform rating, with a revised 12-month forward fair value of Bt37.50, based on a 4.8% required return and implying 20.7x PER (previously Bt33.75 at 4.0%).Strong 2026E earnings growth reflects the Indonesian business turnaround.Its recovery should remove the valuation drag that has persisted through the downcycle since 2022.

3Q26E Earnings Softer QoQ but Still Strong

SCG Packaging

3Q26E Earnings Softer QoQ but Still Strong