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 an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.</li><li>The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.</li><li>On a tactical basis, the downside risk is limited.</li></ul>

We maintain an Outperform rating with a target price of Bt152.00, based on a PBV of 0.46x (derived from a regression model), implying upside of approximately 5% from the current price.The long-term growth outlook is in line with the sector, with net profit expected to decline slightly at a 0.1% CAGR during 2025-27E, pressured by a narrowing NIM.On a tactical basis, the downside risk is limited.

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