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 Expressway and Metro / Equity Bottom-Up

<ul><li>2Q26 net profit grew both YoY and QoQ, in line with expectations.</li><li>We maintain our Outperform rating and 12-month fair value (FV) of Bt7.60, based on a 3.4% required return.</li><li>Further upside could come from stronger-than-expected ridership growth following the fare restructuring to Bt17-45, the Double Deck project pending government approval, and the M&E contract for the southern section of the Purple Line.</li></ul>

2Q26 net profit grew both YoY and QoQ, in line with expectations.We maintain our Outperform rating and 12-month fair value (FV) of Bt7.60, based on a 3.4% required return.Further upside could come from stronger-than-expected ridership growth following the fare restructuring to Bt17-45, the Double Deck project pending government approval, and the M&E contract for the southern section of the Purple Line.

BANGKOK EXPRESSWAY AND METRO Plc. (BEM): 2Q26 Profit In Line; Awaiting New Rail Fare Structure - Outperform (12M FWD Fair Value Bt7.60)