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>We expect core profit to continue declining YoY in 3Q25E, as there are no plans to lease additional aircraft like last year, alongside higher QTD jet fuel costs.</li><li>In the longterm, we also  expect the load factor to normalize, leading to an average EPS contraction of -3% in 2025 27E, in line with the sector.</li><li>We upgrade our rating to Outperform (from Neutral) and raise our target price to Bt18.60, based on a required return of 7.2%, reflecting the revised house view macro assumptions of an MRP of 5.26% and an Rf of 1.48% (previously Bt14.30, 9.5%, MRP at 6.83%, and Rf at 1.45%).</li></ul>

We expect core profit to continue declining YoY in 3Q25E, as there are no plans to lease additional aircraft like last year, alongside higher QTD jet fuel costs.In the longterm, we also  expect the load factor to normalize, leading to an average EPS contraction of -3% in 2025 27E, in line with the sector.We upgrade our rating to Outperform (from Neutral) and raise our target price to Bt18.60, based on a required return of 7.2%, reflecting the revised house view macro assumptions of an MRP of 5.26% and an Rf of 1.48% (previously Bt14.30, 9.5%, MRP at 6.83%, and Rf at 1.45%).

Bangkok Airways - 2Q25 Profit Declined; 3Q25E Pressured by Higher Jet Fuel Costs