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

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>We expect 3Q26E core profit to rise YoY and QoQ on high-season demand, with no significant impact from Bangkok flooding.</li><li>Rolling forward the ERP estimation period, updating macro assumptions (Rf: 2.39%) and shifting to a 2027E target yield a revised fair value (FV) of Bt22.80 at a 4.6% required return (previously 1.87%/Bt21.80/4.7%).</li><li>The share price has fallen 5% since our September 8 report, widening upside to 19%.</li></ul>

We expect 3Q26E core profit to rise YoY and QoQ on high-season demand, with no significant impact from Bangkok flooding.Rolling forward the ERP estimation period, updating macro assumptions (Rf: 2.39%) and shifting to a 2027E target yield a revised fair value (FV) of Bt22.80 at a 4.6% required return (previously 1.87%/Bt21.80/4.7%).The share price has fallen 5% since our September 8 report, widening upside to 19%.

3Q26E Seasonal Growth; Limited Flood Impact