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

Asset World Corporation / Equity Bottom-Up

<ul><li>AWC is a key beneficiary of the tourism recovery expected from late 2026E as Middle East tensions ease.</li><li>We initiate coverage with an Outperform rating and a 12-month fair value of Bt2.80, based on a required return of 2.7%.</li><li>Fair value upside is driven by both macro factors, particularly a lower Rf, and company-specific factors, namely higher EPS.</li></ul>

AWC is a key beneficiary of the tourism recovery expected from late 2026E as Middle East tensions ease.We initiate coverage with an Outperform rating and a 12-month fair value of Bt2.80, based on a required return of 2.7%.Fair value upside is driven by both macro factors, particularly a lower Rf, and company-specific factors, namely higher EPS.

ASSET WORLD CORP Plc. (AWC): Beneficiary of Stronger Tourism in 2H26E