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>The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.</li><li>We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.</li><li>We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.</li></ul>

The six banks under our coverage reported combined 3Q25 net profit of Bt47.5bn, up 8.1% YoY and 5.3% QoQ, beating forecasts by 6%.We maintain a Neutral sector weighting. Despite tight short-term valuations, downside risk is limited by high dividends and solid CET1 ratios.We select TTB (Neutral, TP: Bt2.00) as our top pick this quarter, given its laggard performance (flat YTD vs the sector’s +11.7%) and about 7% upside.

Banking: Upbeat 3Q25 Earnings On Investment Gains – Neutral