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 reiterate our Outperform call on ADVANC, supported by an attractive fundamental valuation with around 15% upside to our revised fair value and very limited tactical downside risk.</li><li>2025E core profit is expected to grow 20% YoY, outpacing peers. However, this sets a high base, limiting EPS growth to just 6% CAGR over 2025–27E, compared with the industry average of +13%.</li><li>We revise our 12-month fair value to Bt337 (from Bt343), with the required return raised to 4.5% (from 4.3%). This revision reflects a higher market risk premium assumption of 5.74% (from 5.3%) under our updated house view.</li></ul>

We reiterate our Outperform call on ADVANC, supported by an attractive fundamental valuation with around 15% upside to our revised fair value and very limited tactical downside risk.2025E core profit is expected to grow 20% YoY, outpacing peers. However, this sets a high base, limiting EPS growth to just 6% CAGR over 2025–27E, compared with the industry average of +13%.We revise our 12-month fair value to Bt337 (from Bt343), with the required return raised to 4.5% (from 4.3%). This revision reflects a higher market risk premium assumption of 5.74% (from 5.3%) under our updated house view.

ADVANCED INFO SERVICE Plc. (ADVANC): 3Q25E Profit Momentum Continues To Accelerate YoY

Advanced Info Service

ADVANCED INFO SERVICE Plc. (ADVANC): 3Q25E Profit Momentum Continues To Accelerate YoY