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>4Q25 net profit missed our estimate on higher-than-expected expenses, as the company raised its marketing budget to boost sales.</li><li>We downgrade to Underperform (from Outperform) as recent share price gains have reduced upside to just 2% to our Bt1.78 fair value, based on a 4.9% required return.</li><li>The company reported a 4Q25 net profit of Bt224mn, up 145% YoY but down 18% QoQ, missing our estimate by 14% due to higher-than-expected SG&amp;A.</li></ul>

4Q25 net profit missed our estimate on higher-than-expected expenses, as the company raised its marketing budget to boost sales.We downgrade to Underperform (from Outperform) as recent share price gains have reduced upside to just 2% to our Bt1.78 fair value, based on a 4.9% required return.The company reported a 4Q25 net profit of Bt224mn, up 145% YoY but down 18% QoQ, missing our estimate by 14% due to higher-than-expected SG&amp;A.

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