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, as it remains attractive from a valuation standpoint — both fundamentally, with the current share price offering 11% upside to our revised fair value, and tactically, with very limited downside risk.</li><li>Meanwhile, our outlook on long- term earnings momentum is revised up to weak (from poor previously), with 2025-27E EPS forecast to grow at a CAGR of 7%, close to the industry average of +9%.</li><li>Our 12-month forward fair value is revised down to Bt308 (from Bt314), with the required return adjusted upward to 4.5% (from 4.0%), mainly due to a higher assumed market risk premium (MRP) of 6.8% (from 5.6%) under our updated house view assumptions.</li></ul>

We maintain our Outperform rating on ADVANC, as it remains attractive from a valuation standpoint — both fundamentally, with the current share price offering 11% upside to our revised fair value, and tactically, with very limited downside risk.Meanwhile, our outlook on long- term earnings momentum is revised up to weak (from poor previously), with 2025-27E EPS forecast to grow at a CAGR of 7%, close to the industry average of +9%.Our 12-month forward fair value is revised down to Bt308 (from Bt314), with the required return adjusted upward to 4.5% (from 4.0%), mainly due to a higher assumed market risk premium (MRP) of 6.8% (from 5.6%) under our updated house view assumptions.

Advanced Info Service - Strong 2Q25E Earnings; Upgrade 2025E Earnings