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 downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.</li><li>We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).</li><li>Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.</li></ul>

We downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.

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