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 our Outperform rating on ADVANC, supported by its attractive valuation — with the share price implying 16% upside to our new fair value — and very limited tactical downside risk.</li><li>Our 12-month fair price has been revised upward to Bt343 (from Bt308) after lowering the required return to 4.3% (from 4.5%), in line with our new house view’s market risk premium (MRP) assumption of 5.3% (from 6.8%).</li><li>ADVANC revised its 2025E financial targets for both core service revenue and EBITDA growth to 4-6%, up from the previous +3-5%, by pursuing a quality growth strategy.</li></ul>

We maintain our Outperform rating on ADVANC, supported by its attractive valuation — with the share price implying 16% upside to our new fair value — and very limited tactical downside risk.Our 12-month fair price has been revised upward to Bt343 (from Bt308) after lowering the required return to 4.3% (from 4.5%), in line with our new house view’s market risk premium (MRP) assumption of 5.3% (from 6.8%).ADVANC revised its 2025E financial targets for both core service revenue and EBITDA growth to 4-6%, up from the previous +3-5%, by pursuing a quality growth strategy.

ADVANCED INFO SERVICE Plc. (ADVANC): To Maintain Growth Momentum In 2H25E

Advanced Info Service

ADVANCED INFO SERVICE Plc. (ADVANC): To Maintain Growth Momentum In 2H25E