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>While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.</li><li>We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).</li><li>Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.</li></ul>

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.

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