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>Although 1Q26 core profit beat expectations, we expect 2Q26E earnings to remain pressured by higher fuel costs before improving in 3Q26E, supported by a recovery in Samui passenger traffic and declining jet fuel prices.</li><li>We maintain our Outperform rating and 12M fair value of Bt15.20, based on 12M EV/EBITDA of 4.3x, with 9% upside and a Neutral tactical view.</li><li>BA reported 1Q26 net profit of Bt2.09bn (+25% YoY, +384% QoQ).</li></ul>

Although 1Q26 core profit beat expectations, we expect 2Q26E earnings to remain pressured by higher fuel costs before improving in 3Q26E, supported by a recovery in Samui passenger traffic and declining jet fuel prices.We maintain our Outperform rating and 12M fair value of Bt15.20, based on 12M EV/EBITDA of 4.3x, with 9% upside and a Neutral tactical view.BA reported 1Q26 net profit of Bt2.09bn (+25% YoY, +384% QoQ).

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