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 maintain an Underperform rating with a fair value of Bt0.90, based on 1.7x PBV, in line with the 10-year historical average.</li><li>Although 1Q26E core profit is expected to improve YoY and QoQ, elevated jet fuel costs from Middle East tensions—likely to ease below USD100/bbl only by 2H28E (based on the jet forward curve)—together with weaker travel demand amid &gt;30% fare increases, should lead to a deeper core loss in 2Q26E YoY.</li><li>We maintain our 2026E core loss forecast at Bt6.3bn, reflecting prolonged elevated jet fuel costs, low hedging coverage (10%/7% in 2–3Q26E), and declining passenger numbers.</li></ul>

We maintain an Underperform rating with a fair value of Bt0.90, based on 1.7x PBV, in line with the 10-year historical average.Although 1Q26E core profit is expected to improve YoY and QoQ, elevated jet fuel costs from Middle East tensions—likely to ease below USD100/bbl only by 2H28E (based on the jet forward curve)—together with weaker travel demand amid &gt;30% fare increases, should lead to a deeper core loss in 2Q26E YoY.We maintain our 2026E core loss forecast at Bt6.3bn, reflecting prolonged elevated jet fuel costs, low hedging coverage (10%/7% in 2–3Q26E), and declining passenger numbers.

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