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>3Q25 core profit beat estimates on better cost control from fewer flight hours and no major maintenance, while Samui passenger traffic met expectations.</li><li>4Q25E earnings should decline YoY/QoQ from a high base and seasonal weakness.</li><li>We maintain Outperform with a 2026E FV of Bt17.90 (required return 9.8%).</li></ul>

3Q25 core profit beat estimates on better cost control from fewer flight hours and no major maintenance, while Samui passenger traffic met expectations.4Q25E earnings should decline YoY/QoQ from a high base and seasonal weakness.We maintain Outperform with a 2026E FV of Bt17.90 (required return 9.8%).

BANGKOK AIRWAYS Plc. (BA): 3Q25 Beat On Strong Samui Traffic And Solid Cost Control.

Bangkok Airways

BANGKOK AIRWAYS Plc. (BA): 3Q25 Beat On Strong Samui Traffic And Solid Cost Control.