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 Underperform rating and fair value at Bt23.50, based on an earnings yield of 3.7%.</li><li>We have a negative view on the fundamentals, as the market price reflects downside of -22% to the fair value, and the long- term FY2025-27E EPS CAGR of -19% is weaker than the industry average.</li><li>However, our tactical view is neutral, as the share price has already declined by 20% since April 2025, reflecting concerns over concession revenue from King Power Duty Free (KPD). </li></ul>

We maintain our Underperform rating and fair value at Bt23.50, based on an earnings yield of 3.7%.We have a negative view on the fundamentals, as the market price reflects downside of -22% to the fair value, and the long- term FY2025-27E EPS CAGR of -19% is weaker than the industry average.However, our tactical view is neutral, as the share price has already declined by 20% since April 2025, reflecting concerns over concession revenue from King Power Duty Free (KPD). 

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