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>4Q24E core profit (excluding FX losses) is expected to have reached a new quarterly record, driven by increased passenger numbers and lower fuel costs.</li><li>Long-term growth for 2024-26E is projected at a +9% CAGR, supported by fleet expansion and passenger volumes potentially returning to pre-COVID levels in 2025E.</li><li>We switch our rating to Outperform (from Neutral), maintaining the fair value of Bt3.38, based on a required return of 7.3%.</li></ul>

4Q24E core profit (excluding FX losses) is expected to have reached a new quarterly record, driven by increased passenger numbers and lower fuel costs.Long-term growth for 2024-26E is projected at a +9% CAGR, supported by fleet expansion and passenger volumes potentially returning to pre-COVID levels in 2025E.We switch our rating to Outperform (from Neutral), maintaining the fair value of Bt3.38, based on a required return of 7.3%.

Asia Aviation - Expect Record-High Core Profit in 4Q24E