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 to rise YoY on strong CVS sales and GPM, but decline QoQ due to seasonality and the impact of Thai Chuai Thai Plus.</li><li>If 3Q26E meets expectations, 9M26E core profit would grow 11%, accounting for 75% of our Bt31bn 2026E forecast.</li><li>We upgrade our rating to Buy from Outperform, with 13% upside to our revised fair value of Bt48, based on a 7.8% required return (previously Bt47/7.8%).</li></ul>

We expect 3Q26E core profit to rise YoY on strong CVS sales and GPM, but decline QoQ due to seasonality and the impact of Thai Chuai Thai Plus.If 3Q26E meets expectations, 9M26E core profit would grow 11%, accounting for 75% of our Bt31bn 2026E forecast.We upgrade our rating to Buy from Outperform, with 13% upside to our revised fair value of Bt48, based on a 7.8% required return (previously Bt47/7.8%).

7-Eleven Lifts Core Profit; CPAXT Extra Costs Hit NP

CP ALL

7-Eleven Lifts Core Profit; CPAXT Extra Costs Hit NP