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>BA could be negatively affected by the Middle East situation through lower passenger traffic, particularly on the Samui route (72% of fare revenue, with most passengers from Europe), as well as higher fuel costs.</li><li>We cut our 2026–28E core profit forecasts due to lower ASK, higher operating costs in aviation-related service businesses, and higher fuel cost assumptions for 2026E.</li><li>We maintain our Outperform rating but lower our 12M FV to Bt15.30 (from Bt17.30) (unchanged required return of 11%). We remain positive on fundamentals, with 9% upside and very limited tactical downside risk.</li></ul>

BA could be negatively affected by the Middle East situation through lower passenger traffic, particularly on the Samui route (72% of fare revenue, with most passengers from Europe), as well as higher fuel costs.We cut our 2026–28E core profit forecasts due to lower ASK, higher operating costs in aviation-related service businesses, and higher fuel cost assumptions for 2026E.We maintain our Outperform rating but lower our 12M FV to Bt15.30 (from Bt17.30) (unchanged required return of 11%). We remain positive on fundamentals, with 9% upside and very limited tactical downside risk.

BANGKOK AIRWAYS Plc. (BA): Earnings Revised Down To Reflect Middle East

Bangkok Airways

BANGKOK AIRWAYS Plc. (BA): Earnings Revised Down To Reflect Middle East