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 revise up our 2025–27E core profit forecasts to reflect lower costs, including reduced jet fuel expenses, the benefit of a stronger baht, and lower aircraft leasing costs after the company’s plan to cancel short-term leases by end-2025E.</li><li>We maintain our Outperform rating and roll forward to a 2026E fair value of Bt17.90, based on a required return of 9.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%), compared with the previous fair value of Bt18.60, which was based on a required return of 7.2%, Rf of 1.48%, and MRP of 5.26%.</li><li>Valuation metrics: We remain positive on fundamentals, with 29% upside potential, while taking a neutral tactical view, as EPS growth is expected at a 3% CAGR over the next two years, slightly weaker than the sector.</li></ul>

We revise up our 2025–27E core profit forecasts to reflect lower costs, including reduced jet fuel expenses, the benefit of a stronger baht, and lower aircraft leasing costs after the company’s plan to cancel short-term leases by end-2025E.We maintain our Outperform rating and roll forward to a 2026E fair value of Bt17.90, based on a required return of 9.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%), compared with the previous fair value of Bt18.60, which was based on a required return of 7.2%, Rf of 1.48%, and MRP of 5.26%.Valuation metrics: We remain positive on fundamentals, with 29% upside potential, while taking a neutral tactical view, as EPS growth is expected at a 3% CAGR over the next two years, slightly weaker than the sector.

BANGKOK AIRWAYS Plc. (BA): Earnings Upgraded For 2025–27E On Lower-Than-Expected Costs

Bangkok Airways

BANGKOK AIRWAYS Plc. (BA): Earnings Upgraded For 2025–27E On Lower-Than-Expected Costs