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>4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.</li>
<li>We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.</li>
<li>Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).</li>
</ul>


4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.
We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.
Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).


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