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)

China Automobiles and components / Thematic (Sector/Industry)

<ul><li>Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.</li><li>We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.</li><li>We therefore downgrade the auto sector to Neutral.</li></ul>

Since upgrading the auto sector to Overweight in March, share prices across our coverage have rallied 12%-30%, leaving valuations increasingly stretched in the near term.We have also lowered our 2026 Thailand vehicle production forecast by 2%, from 1.49mn units to 1.46mn units, implying flat YoY growth.We therefore downgrade the auto sector to Neutral.

Dong Ah Geological Engineering (028100 KS)

Automotive: Time to Downgrade to Neutral as Future Risks Mount – Neutral