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>With a larger-than-expected 3Q25E core loss from higher costs, we cut 2025–26E core profit but raise 2027E forecast on a stronger-baht assumption that lowers fuel costs.</li><li>We upgrade to Outperform (from Underperform) and roll forward to a 2026 FV of Bt1.21, based on a required return of 3.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%; previously Bt0.95/5.5%/1.48%/5.26%).</li><li>We like AAV as it enters the high season and is poised to gain short-term sentiment from the expected tender offer by AAX’s Thai partner following Capital A’s sale of AAAGL shares to AAX (expected announcement due November 2025).</li></ul>

With a larger-than-expected 3Q25E core loss from higher costs, we cut 2025–26E core profit but raise 2027E forecast on a stronger-baht assumption that lowers fuel costs.We upgrade to Outperform (from Underperform) and roll forward to a 2026 FV of Bt1.21, based on a required return of 3.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%; previously Bt0.95/5.5%/1.48%/5.26%).We like AAV as it enters the high season and is poised to gain short-term sentiment from the expected tender offer by AAX’s Thai partner following Capital A’s sale of AAAGL shares to AAX (expected announcement due November 2025).

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