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 cut FY2026–28E core profit to reflect the delayed new PSC rate (now July 2026) and lower passenger assumptions, amid rising flight slot returns for the summer schedule, especially from Chinese airlines.</li><li>We downgrade to Underperform (from Neutral) as the current price implies 10% downside to our new 12M FV of Bt51.50 (earnings yield, 2.6% required return; previously Bt54.25 / 2.9%), with limited tactical upside despite a 2Y core EPS CAGR of 13%, above peers.</li><li>The new outbound international PSC rate of Bt1,120 (from Bt730) has become clearer and is expected to take effect in July 2026 (later than our previous April 2026 estimate).</li></ul>

We cut FY2026–28E core profit to reflect the delayed new PSC rate (now July 2026) and lower passenger assumptions, amid rising flight slot returns for the summer schedule, especially from Chinese airlines.We downgrade to Underperform (from Neutral) as the current price implies 10% downside to our new 12M FV of Bt51.50 (earnings yield, 2.6% required return; previously Bt54.25 / 2.9%), with limited tactical upside despite a 2Y core EPS CAGR of 13%, above peers.The new outbound international PSC rate of Bt1,120 (from Bt730) has become clearer and is expected to take effect in July 2026 (later than our previous April 2026 estimate).

Airports of Thailand Plc (AOT): PSC Clarity Emerges, Passenger Growth at Risk of Stalling