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 maintain our Neutral rating and raise our 12-month forward fair value to Bt187.50 (from Bt178.80), based on a PBV of 0.59x (from 0.56x).</li><li>We expect BBL to report 2Q26E net profit of Bt10.2bn (-13.5% YoY, -6.8% QoQ).</li><li>Loans are expected to grow modestly by 0.3% QoQ and 2.3% YTD, supported mainly by corporate lending.</li></ul>

We maintain our Neutral rating and raise our 12-month forward fair value to Bt187.50 (from Bt178.80), based on a PBV of 0.59x (from 0.56x).We expect BBL to report 2Q26E net profit of Bt10.2bn (-13.5% YoY, -6.8% QoQ).Loans are expected to grow modestly by 0.3% QoQ and 2.3% YTD, supported mainly by corporate lending.

Bangkok Bank Public Company Limited (BBL): 2Q26E Earnings Expected To Decline YoY And QoQ