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>QoQ 2Q26 core loss was in line with our forecast, as unrest in the Middle East drove a sharp increase in fuel costs, while fare hikes were insufficient to offset the higher costs.</li>
<li>Nevertheless, we believe 2Q26 marked the trough for the year, with performance expected to gradually improve in line with the QoQ decline in jet fuel prices.</li>
<li>We maintain our Neutral rating and FV of Bt1.05, based on 1.3x PBV (-0.25 S.D.).</li>
</ul>


QoQ 2Q26 core loss was in line with our forecast, as unrest in the Middle East drove a sharp increase in fuel costs, while fare hikes were insufficient to offset the higher costs.
Nevertheless, we believe 2Q26 marked the trough for the year, with performance expected to gradually improve in line with the QoQ decline in jet fuel prices.
We maintain our Neutral rating and FV of Bt1.05, based on 1.3x PBV (-0.25 S.D.).


ASIA AVIATION Plc. (AAV): 2Q26 Core Loss in Line; Likely the Trough for the Year

Asia Aviation

ASIA AVIATION Plc. (AAV): 2Q26 Core Loss in Line; Likely the Trough for the Year