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 our Buy rating and raise our 12-month forward fair value to Bt15.80 (from Bt12.90), based on a largely unchanged required return of 10.1%.</li><li>The increase reflects upward revisions to our earnings forecasts and the 12-month roll-forward of our valuation period.</li><li>We expect 2Q26E earnings to recover from last year's low base, supported by improving asset quality, the industry's recovery, and more efficient disposal of repossessed vehicles.</li></ul>

We maintain our Buy rating and raise our 12-month forward fair value to Bt15.80 (from Bt12.90), based on a largely unchanged required return of 10.1%.The increase reflects upward revisions to our earnings forecasts and the 12-month roll-forward of our valuation period.We expect 2Q26E earnings to recover from last year's low base, supported by improving asset quality, the industry's recovery, and more efficient disposal of repossessed vehicles.

ASIA SERMKIJ LEASING Plc. (ASK): 2Q26E Earnings Expected to Recover Both YoY and QoQ – Buy (12M FWD Fair Value Bt15.80)

Ask Automotive

ASIA SERMKIJ LEASING Plc. (ASK): 2Q26E Earnings Expected to Recover Both YoY and QoQ – Buy (12M FWD Fair Value Bt15.80)