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>Strong cost control and RevPAR growth are expected to lift 4Q25E core profit above our prior estimate.</li><li>We downgrade to Neutral (from Outperform), as the share price is up 7% YTD, implying 1% downside to our FV of Bt36.00.</li><li>Key 12-month FV drivers include a higher equity risk premium and a lower risk-free rate.</li></ul>

Strong cost control and RevPAR growth are expected to lift 4Q25E core profit above our prior estimate.We downgrade to Neutral (from Outperform), as the share price is up 7% YTD, implying 1% downside to our FV of Bt36.00.Key 12-month FV drivers include a higher equity risk premium and a lower risk-free rate.

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