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>1QFY26 net profit was Bt4.65bn (-13% YoY, +20% QoQ), in line with our estimate.</li><li>We downgrade to Neutral (from Outperform) after a 7.5% YTD gain, implying ~5% downside to our 12M FV of Bt54.25 (required return: 2.9%).</li><li>We maintain our FY2026E core profit forecast at Bt20.4bn (+10% YoY).</li></ul>

1QFY26 net profit was Bt4.65bn (-13% YoY, +20% QoQ), in line with our estimate.We downgrade to Neutral (from Outperform) after a 7.5% YTD gain, implying ~5% downside to our 12M FV of Bt54.25 (required return: 2.9%).We maintain our FY2026E core profit forecast at Bt20.4bn (+10% YoY).

AIRPORTS OF THAILAND Plc. (AOT): Net Profit In Line; Awaiting Signing Of New PSC Rate Adjustment

Airports of Thailand

AIRPORTS OF THAILAND Plc. (AOT): Net Profit In Line; Awaiting Signing Of New PSC Rate Adjustment