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>Passenger growth on the Samui route — which is BA’s main revenue driver — has started to slow, and the load factor has declined.</li><li>This prompted us to revise down the core profit forecasts for 2025-26E by 28% and 39% per year, leading to a long-term earnings per share (EPS) contraction of -3% CAGR, which is weaker than the industry average.</li><li>Following the earnings downgrade, the new fair value is Bt13.90, based on a required return of 9.9% (previously Bt19.00 and 10.3%).</li></ul>

Passenger growth on the Samui route — which is BA’s main revenue driver — has started to slow, and the load factor has declined.This prompted us to revise down the core profit forecasts for 2025-26E by 28% and 39% per year, leading to a long-term earnings per share (EPS) contraction of -3% CAGR, which is weaker than the industry average.Following the earnings downgrade, the new fair value is Bt13.90, based on a required return of 9.9% (previously Bt19.00 and 10.3%).

Bangkok Airways - Stable Passenger Numbers on Samui Route Amid Higher Flight Frequency...