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 view on the weak passenger numbers in June, which likely dragged the 2Q25E performance to a YoY contraction of -3%, compared to flat trends in April-May.</li><li>This was likely compounded by a decline in the load factor to 82%, below the pre-COVID level of 83% in 2Q19, resulting in a core loss for 2Q25E, falling short of our previous estimate.</li><li>We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt1.14, based on a required return of 13.7%, reflecting lower core profit estimates and updated macro assumptions (Rf = 1.48%, MRP = 6.83%, vs. the previous Bt1.42, 13.1%, Rf = 2.07%, and MRP = 5.58%)</li></ul>

We have a negative view on the weak passenger numbers in June, which likely dragged the 2Q25E performance to a YoY contraction of -3%, compared to flat trends in April-May.This was likely compounded by a decline in the load factor to 82%, below the pre-COVID level of 83% in 2Q19, resulting in a core loss for 2Q25E, falling short of our previous estimate.We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt1.14, based on a required return of 13.7%, reflecting lower core profit estimates and updated macro assumptions (Rf = 1.48%, MRP = 6.83%, vs. the previous Bt1.42, 13.1%, Rf = 2.07%, and MRP = 5.58%)

Asia Aviation - Expect a Turnaround to a Core Loss in 2Q25E Due to Weak Passenger Volume