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 maintained an Outperform rating with a 12M fair value of Bt175.80, based on PBV of 0.56x.</li><li>BBL reported 1Q26 net profit of Bt11.0bn (-13% YoY, +42% QoQ), beating our and market estimates by 20% and 10%, respectively, driven by stronger-than-expected noninterest income and lower-than-expected expenses.</li><li>Net interest income declined (-12% YoY, -4% QoQ), pressured by NIM narrowing to 2.49% (-40 bps YoY, -10 bps QoQ).</li></ul>

We maintained an Outperform rating with a 12M fair value of Bt175.80, based on PBV of 0.56x.BBL reported 1Q26 net profit of Bt11.0bn (-13% YoY, +42% QoQ), beating our and market estimates by 20% and 10%, respectively, driven by stronger-than-expected noninterest income and lower-than-expected expenses.Net interest income declined (-12% YoY, -4% QoQ), pressured by NIM narrowing to 2.49% (-40 bps YoY, -10 bps QoQ).

BANGKOK BANK PUBLIC COMPANY LIMITED: Earnings Beat On Non-Interest Income And Costs

Bangkok Bank Public

BANGKOK BANK PUBLIC COMPANY LIMITED: Earnings Beat On Non-Interest Income And Costs