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 Industrials / Thematic (Sector/Industry)

<ul><li>The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.</li><li>This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.</li><li>The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. </li></ul>

The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. 

Aviation Sector - Load Factor Has Begun to Decline and Is Approaching Pre-COVID Levels