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 raise our FY2026–27E core earnings forecasts to reflect improving conditions in the Middle East, which are expected to stabilize international passenger traffic at a level above our previous assumptions.</li><li>We raise our fair value to Bt70.00 (from Bt60.00), while maintaining our required return at 2.4%, despite our updated macro assumptions of a risk-free rate of 1.87% and a market risk premium of 4.42% (from 1.83% and 4.67%, respectively).</li><li>We downgrade our rating to Outperform (from Buy). Although our new 12-month fair value implies 12% upside, the company's two-year core EPS CAGR of 23% is broadly in line with the sector average, while the share price has already risen 13% MTD, reducing our tactical view to Very limited upside risk (from Neutral).</li></ul>

We raise our FY2026–27E core earnings forecasts to reflect improving conditions in the Middle East, which are expected to stabilize international passenger traffic at a level above our previous assumptions.We raise our fair value to Bt70.00 (from Bt60.00), while maintaining our required return at 2.4%, despite our updated macro assumptions of a risk-free rate of 1.87% and a market risk premium of 4.42% (from 1.83% and 4.67%, respectively).We downgrade our rating to Outperform (from Buy). Although our new 12-month fair value implies 12% upside, the company's two-year core EPS CAGR of 23% is broadly in line with the sector average, while the share price has already risen 13% MTD, reducing our tactical view to Very limited upside risk (from Neutral).

AIRPORTS OF THAILAND Plc. (AOT): International Passenger Traffic Exceeds The Company's Target.

Airports of Thailand

AIRPORTS OF THAILAND Plc. (AOT): International Passenger Traffic Exceeds The Company's Target.