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 have a negative outlook on profit-sharing income, which is expected to decline and form a new base in FY2026E due to the reduction in the minimum guarantee (MG) of King Power Duty Fee (KPD) (accounting for 27% of total revenue in FY2024).</li><li>Currently, AOT is still collecting the MG during the ongoing 2- month study and negotiation period.</li><li>As a result, we maintain our core profit estimate for FY2025E but revise down FY2026E core profit by 38%, leading to a long-term EPS contraction of a - 19% CAGR, below the industry average.</li></ul>

We have a negative outlook on profit-sharing income, which is expected to decline and form a new base in FY2026E due to the reduction in the minimum guarantee (MG) of King Power Duty Fee (KPD) (accounting for 27% of total revenue in FY2024).Currently, AOT is still collecting the MG during the ongoing 2- month study and negotiation period.As a result, we maintain our core profit estimate for FY2025E but revise down FY2026E core profit by 38%, leading to a long-term EPS contraction of a - 19% CAGR, below the industry average.

AOT TB - FY2026E Performance Likely to Be Pressured by Expected Reduction in MG from KPD

Airports of Thailand

AOT TB - FY2026E Performance Likely to Be Pressured by Expected Reduction in MG from KPD