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 maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.</li><li>We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).</li><li>We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.</li></ul>

We maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales

Amata Corporation

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales