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

Thematic (Sector/Industry)

Thailand Automobiles and components / Thematic (Sector/Industry)

<ul><li>While September auto production rebounded better than expected, it was still insufficient to lift 3Q25 output, which fell 4% YoY and marked the lowest quarterly level of the year, in line with our estimate.</li><li>Thailand’s automobile production in September 2025 slightly recovered to 130k units (+5% YoY), supported by i) a 24% YoY rise in domestic sales to 48k units, driven by strong EV sales (+100% YoY) amid intensifying price competition, while pickup sales fell 4% YoY; and ii) a rebound in exports, which turned positive YoY for the first time in 14 months to 86k units (+7% YoY), boosted by higher pickup exports and the launch of new models for overseas markets.</li><li>Auto output in 3Q25 was the lowest of the year, as expected, falling 4% YoY—slightly better than our forecast—driven by strong EV output growth.</li></ul>

While September auto production rebounded better than expected, it was still insufficient to lift 3Q25 output, which fell 4% YoY and marked the lowest quarterly level of the year, in line with our estimate.Thailand’s automobile production in September 2025 slightly recovered to 130k units (+5% YoY), supported by i) a 24% YoY rise in domestic sales to 48k units, driven by strong EV sales (+100% YoY) amid intensifying price competition, while pickup sales fell 4% YoY; and ii) a rebound in exports, which turned positive YoY for the first time in 14 months to 86k units (+7% YoY), boosted by higher pickup exports and the launch of new models for overseas markets.Auto output in 3Q25 was the lowest of the year, as expected, falling 4% YoY—slightly better than our forecast—driven by strong EV output growth.

Automotive: 3Q25 Auto Production Hit Year’s Low - Neutral