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>Core profit in 2QFY25 came in below expectations due to continued weakness in revenue sharing, reflecting subdued passenger spending — particularly at King Power Duty Free (KPD).</li><li>We estimate that KPD’s minimum guarantee may be revised downward, potentially returning to levels similar to the previous concession period (2017-2019).</li><li>In addition, the YTD decline in tourist arrivals is pressuring international passenger traffic. </li></ul>

Core profit in 2QFY25 came in below expectations due to continued weakness in revenue sharing, reflecting subdued passenger spending — particularly at King Power Duty Free (KPD).We estimate that KPD’s minimum guarantee may be revised downward, potentially returning to levels similar to the previous concession period (2017-2019).In addition, the YTD decline in tourist arrivals is pressuring international passenger traffic. 

Airports of Thailand - Low Revenue Sharing; Weak International Passenger Numbers