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>Core profit in 3Q25 improved QoQ as expected, with QoQ growth likely to continue in 4Q25E–1Q26E on stronger tourism, seasonality, and the tourism boost scheme.</li><li>We maintain Outperform with a 2026E FV of Bt34.75, based on a 3.6% required return.</li><li>3Q25 NP was Bt160mn, excluding FX gains and write-offs related to the closure of Café Amazon Vietnam and other items (-Bt31mn), core profit was Bt192mn, up 2% YoY and 83% QoQ, beating our estimate by 62% thanks to stronger-than-expected GPM improvement in the hotel business.</li></ul>

Core profit in 3Q25 improved QoQ as expected, with QoQ growth likely to continue in 4Q25E–1Q26E on stronger tourism, seasonality, and the tourism boost scheme.We maintain Outperform with a 2026E FV of Bt34.75, based on a 3.6% required return.3Q25 NP was Bt160mn, excluding FX gains and write-offs related to the closure of Café Amazon Vietnam and other items (-Bt31mn), core profit was Bt192mn, up 2% YoY and 83% QoQ, beating our estimate by 62% thanks to stronger-than-expected GPM improvement in the hotel business.

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