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

<ul>
<li>2Q26 net/core profit grew strongly, with improvements across all business segments (except BCPG, which softened QoQ on seasonal factors).</li>
<li>Refinery/market GRM was the key earnings driver, prompting us to raise our 2026-28E core profit forecasts.</li>
<li>Our valuation metrics indicate 12% upside to our new 12-month FV of Bt51.00 (from Bt42.00).</li>
</ul>


2Q26 net/core profit grew strongly, with improvements across all business segments (except BCPG, which softened QoQ on seasonal factors).
Refinery/market GRM was the key earnings driver, prompting us to raise our 2026-28E core profit forecasts.
Our valuation metrics indicate 12% upside to our new 12-month FV of Bt51.00 (from Bt42.00).


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