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>We expect 2Q26E core profit to deliver strong YoY growth, supported by higher RevPAR, a full-quarter contribution from the company's new hotel in Pattaya, and limited impact from the Middle East conflict.</li>
<li>Our revised fair value of Bt2.94 (from Bt2.80), based on a required return of 2.6% (from 2.7%), implies 2% downside, while tactical view suggests Very limited upside potential.</li>
<li>We are downgrading our recommendation to Neutral (from Outperform).</li>
</ul>


We expect 2Q26E core profit to deliver strong YoY growth, supported by higher RevPAR, a full-quarter contribution from the company's new hotel in Pattaya, and limited impact from the Middle East conflict.
Our revised fair value of Bt2.94 (from Bt2.80), based on a required return of 2.6% (from 2.7%), implies 2% downside, while tactical view suggests Very limited upside potential.
We are downgrading our recommendation to Neutral (from Outperform).


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