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 a Buy rating with a 12M forward fair value of Bt12.90, based on a required return of 10.1%.</li><li>1Q26 earnings showed a strong recovery, supported by improving asset quality, with declines in repossessed vehicles and NPLs, leading to easing provisioning pressure.</li><li>ASK reported 1Q26 net profit of Bt202mn, up 38.8% YoY and 25.9% QoQ, beating our estimate by around 14%, mainly due to lower-than-expected provisions.</li></ul>

We maintain a Buy rating with a 12M forward fair value of Bt12.90, based on a required return of 10.1%.1Q26 earnings showed a strong recovery, supported by improving asset quality, with declines in repossessed vehicles and NPLs, leading to easing provisioning pressure.ASK reported 1Q26 net profit of Bt202mn, up 38.8% YoY and 25.9% QoQ, beating our estimate by around 14%, mainly due to lower-than-expected provisions.

ASIA SERMKIJ LEASING Plc. (ASK): Asset Quality Continued To Improve

Asia Sermkij Leasing

ASIA SERMKIJ LEASING Plc. (ASK): Asset Quality Continued To Improve