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>One-off expenses exceeding forecast 3Q26E core profit of Bt1.8bn (-2% YoY and QoQ) should result in a Bt64mn net loss.</li><li>We downgrade our rating to Neutral (from Outperform) despite 9% upside to revised fair value of Bt15.40, based on a 6.4% required return and new macro assumptions: MRP 4.43%, Rf 2.39% (previously Bt16.20/5.9%/4.42%/1.87%, respectively).</li><li>We forecast 3Q26E net loss of Bt64mn, as one-off expenses should exceed core profit.</li></ul>

One-off expenses exceeding forecast 3Q26E core profit of Bt1.8bn (-2% YoY and QoQ) should result in a Bt64mn net loss.We downgrade our rating to Neutral (from Outperform) despite 9% upside to revised fair value of Bt15.40, based on a 6.4% required return and new macro assumptions: MRP 4.43%, Rf 2.39% (previously Bt16.20/5.9%/4.42%/1.87%, respectively).We forecast 3Q26E net loss of Bt64mn, as one-off expenses should exceed core profit.

3Q26E Net Loss Expected on One-Off Store Closure Costs

CP Axtra

3Q26E Net Loss Expected on One-Off Store Closure Costs