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 a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.</li><li>However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.</li><li>We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.</li></ul>

The six banks under our coverage reported a combined net profit of Bt46.7bn, up 6.0% YoY and 14.0% QoQ.However, our outlook has turned more negative compared to 4Q24 due to rising economic uncertainty, particularly as it pertains to the US reciprocal tariff measures.We have revised down our 2025-27E earnings forecasts for the banking sector by 3-7% to reflect these risks, along with the expected impact of interest rate cuts anticipated in 2H25E.

Banks Taking a Defensive Stance to Cope With Volatility, As Economic Visibility Remains Unclear