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>We are increasingly concerned about future SSO reimbursement rates, as salary-base adjustments still await Cabinet approval, creating a risk that the SSO fund may be insufficient to cover high-severity cases (RW ≥ 2) in 2026E.</li><li>We maintain a Buy call and Bt14.00 FV (required return 4.2%), with 40% upside and limited tactical downside.</li><li>A short-term catalyst is a YoY increase in 4Q25E core profit, driven by no SSO RW ≥ 2 revenue reversal (unlike last year) and positive gain from the delay flu cases to late 3Q25 and early 4Q25E.</li></ul>

We are increasingly concerned about future SSO reimbursement rates, as salary-base adjustments still await Cabinet approval, creating a risk that the SSO fund may be insufficient to cover high-severity cases (RW ≥ 2) in 2026E.We maintain a Buy call and Bt14.00 FV (required return 4.2%), with 40% upside and limited tactical downside.A short-term catalyst is a YoY increase in 4Q25E core profit, driven by no SSO RW ≥ 2 revenue reversal (unlike last year) and positive gain from the delay flu cases to late 3Q25 and early 4Q25E.

Bangkok Chain Hospital Plc. (BCH): Uncertainty Remains Over 2026E SSO RW≥2 Rate