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

Thematic (Sector/Industry)

Thailand Banks / Thematic (Sector/Industry)

<ul><li>Commercial bank earnings in 4Q25 softened due to NIM pressure, continued YoY loan contraction, and weaker non-NII following a high investment-income base in 3Q25.</li><li>For 2025, sector earnings still grew 3% YoY, supported by non-NII and cost control, while 2026E profits are expected to decline around 7% amid NIM pressure and a high non-NII base.</li><li>We maintain an Overweight stance on the banking sector, favoring KBANK and KKP.</li></ul>

Commercial bank earnings in 4Q25 softened due to NIM pressure, continued YoY loan contraction, and weaker non-NII following a high investment-income base in 3Q25.For 2025, sector earnings still grew 3% YoY, supported by non-NII and cost control, while 2026E profits are expected to decline around 7% amid NIM pressure and a high non-NII base.We maintain an Overweight stance on the banking sector, favoring KBANK and KKP.

Banking: NIM Remained a Headwind to Earnings...