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 a Neutral rating with a revised fair value of Bt180, based on 0.57x PBV (from Bt180.50 and 0.56x PBV).</li><li>Upside is limited at ~5%, with very limited tactical upside as PBV trades near +2 SD of its 180-day average, while long-term earnings growth is in line with peers at ~2% CAGR over 2026–28E.</li><li>BBL reported 4Q25 net profit of Bt7.8bn (–25.4% YoY, –43.7% QoQ), about 30% below our expectations due to weaker Non-NII and higher expenses.</li></ul>

We maintain a Neutral rating with a revised fair value of Bt180, based on 0.57x PBV (from Bt180.50 and 0.56x PBV).Upside is limited at ~5%, with very limited tactical upside as PBV trades near +2 SD of its 180-day average, while long-term earnings growth is in line with peers at ~2% CAGR over 2026–28E.BBL reported 4Q25 net profit of Bt7.8bn (–25.4% YoY, –43.7% QoQ), about 30% below our expectations due to weaker Non-NII and higher expenses.

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Earnings Miss On Weaker Non-NII And Higher Costs

Bangkok Bank

BANGKOK BANK PUBLIC COMPANY LIMITED (BBL): Earnings Miss On Weaker Non-NII And Higher Costs