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 view the analyst meeting on December 4, 2025 as neutral, as most updates on the KPD and PSC contract revisions were in line with our note published on the same day.</li><li>The company will collect an additional three months of bank guarantee from KPD as part of the contract amendment, and the revised contract will be applied retroactively from October 2025, which marks the start of the company’s fiscal year.</li><li>For the PSC, we now expect the earliest effective date to be mid-April 2026 (vs. early April previously).</li></ul>

We view the analyst meeting on December 4, 2025 as neutral, as most updates on the KPD and PSC contract revisions were in line with our note published on the same day.The company will collect an additional three months of bank guarantee from KPD as part of the contract amendment, and the revised contract will be applied retroactively from October 2025, which marks the start of the company’s fiscal year.For the PSC, we now expect the earliest effective date to be mid-April 2026 (vs. early April previously).

AIRPORTS OF THAILAND Plc. (AOT): Further Clarification on KPD and PSC Revenue Collection

Airports of Thailand

AIRPORTS OF THAILAND Plc. (AOT): Further Clarification on KPD and PSC Revenue Collection