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

<ul><li>We maintain a Neutral rating with a fair value of Bt177.50, based on a required return of 4.9%.</li><li>We hold a neutral view on fundamentals, with only 5% upside and a weak tactical outlook, alongside a 2-year core EPS CAGR of just 2%, below peers.</li><li>1Q26 core operations were in line with expectations. We continue to monitor the Middle East situation closely, as patients from this region account for over 24% of total revenue, while Thai patients are likely to be more cautious on healthcare spending amid a weak economic environment.</li></ul>

We maintain a Neutral rating with a fair value of Bt177.50, based on a required return of 4.9%.We hold a neutral view on fundamentals, with only 5% upside and a weak tactical outlook, alongside a 2-year core EPS CAGR of just 2%, below peers.1Q26 core operations were in line with expectations. We continue to monitor the Middle East situation closely, as patients from this region account for over 24% of total revenue, while Thai patients are likely to be more cautious on healthcare spending amid a weak economic environment.

BUMRUNGRAD HOSPITAL Plc. (BH): 1Q26 Profit In Line; Referrals To Stay Weak in 2Q26E

Bumrungrad Hospital

BUMRUNGRAD HOSPITAL Plc. (BH): 1Q26 Profit In Line; Referrals To Stay Weak in 2Q26E