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 expect 4Q24E core profit to show robust YoY and QoQ growth, with continued expansion in 2025E, driven by higher-than- expected presales and transfers, reaching a new high since 2012.</li><li>As a result, we have revised up our 2025-26E profit forecasts by 17% and 7%, respectively, leading to a two-year core earnings CAGR of +11%, in line with the industry.</li><li>We upgrade our rating to Outperform (previously Neutral) with a new fair value of Bt35.00, based on a required return of 8.1% (previously Bt25.30 and 9.1%).</li></ul>

We expect 4Q24E core profit to show robust YoY and QoQ growth, with continued expansion in 2025E, driven by higher-than- expected presales and transfers, reaching a new high since 2012.As a result, we have revised up our 2025-26E profit forecasts by 17% and 7%, respectively, leading to a two-year core earnings CAGR of +11%, in line with the industry.We upgrade our rating to Outperform (previously Neutral) with a new fair value of Bt35.00, based on a required return of 8.1% (previously Bt25.30 and 9.1%).

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