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>The 2Q25 core loss came in higher than expected due to higher-than-anticipated cost per available seat kilometer (CASK).</li><li>We downgrade our rating to Underperform (from Neutral) and cut our fair value to Bt0.95 (from Bt1.14), based on a required return of 5.5% (from 13.7%), due to the downward revision of core profit reflecting expenses rising faster than revenue growth, which outweighs the benefit from our house view’s macro factor adjustment of MRP to 5.26% (from 6.83%).</li><li>AAV reported a 2Q25 net profit of Bt214mn. Excluding FX gains of Bt1.3bn, derivatives losses, and other items, this translates into a core loss of Bt792mn, compared with core profit of Bt315mn in 2Q24 and Bt1.29bn in 1Q25, coming in below our expectations owing to higher-than-expected CASK.</li></ul>

The 2Q25 core loss came in higher than expected due to higher-than-anticipated cost per available seat kilometer (CASK).We downgrade our rating to Underperform (from Neutral) and cut our fair value to Bt0.95 (from Bt1.14), based on a required return of 5.5% (from 13.7%), due to the downward revision of core profit reflecting expenses rising faster than revenue growth, which outweighs the benefit from our house view’s macro factor adjustment of MRP to 5.26% (from 6.83%).AAV reported a 2Q25 net profit of Bt214mn. Excluding FX gains of Bt1.3bn, derivatives losses, and other items, this translates into a core loss of Bt792mn, compared with core profit of Bt315mn in 2Q24 and Bt1.29bn in 1Q25, coming in below our expectations owing to higher-than-expected CASK.

ASIA AVIATION Plc. (AAV): Turned to Core Loss in 2Q25 Due to Weak Passenger Volume

Asia Aviation

ASIA AVIATION Plc. (AAV): Turned to Core Loss in 2Q25 Due to Weak Passenger Volume