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

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>2Q25 core profit was above expectations due to the recognition of additional revenue from treating 26 chronic diseases under the Social Security Office (SSO), which is normally recognized in 3Q.</li><li>We maintain Outperform rating but raise the fair price to Bt16.40, based on a required return of 3.8% following a revision of macro assumptions with MRP lowered to 5.26% (previously Bt15.70, 3.9%, and 6.83%).</li><li>The valuation metrics reflect a more positive view on the current valuation, with the upside increasing to 16%.</li></ul>

2Q25 core profit was above expectations due to the recognition of additional revenue from treating 26 chronic diseases under the Social Security Office (SSO), which is normally recognized in 3Q.We maintain Outperform rating but raise the fair price to Bt16.40, based on a required return of 3.8% following a revision of macro assumptions with MRP lowered to 5.26% (previously Bt15.70, 3.9%, and 6.83%).The valuation metrics reflect a more positive view on the current valuation, with the upside increasing to 16%.

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