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>Retail and wholesale businesses in 1H26 are expected to remain cautious, likely bottoming in 1Q before beginning to recover in 2Q, amid ongoing uncertainty.</li><li>A gradual recovery is anticipated in 2H26, supported by improving domestic political stability and economic stimulus measures.</li><li>KTX projects sector earnings to grow 9% in 2026E (with stronger growth in 2H), and at a CAGR of 8.3% over the next two years.</li></ul>

Retail and wholesale businesses in 1H26 are expected to remain cautious, likely bottoming in 1Q before beginning to recover in 2Q, amid ongoing uncertainty.A gradual recovery is anticipated in 2H26, supported by improving domestic political stability and economic stimulus measures.KTX projects sector earnings to grow 9% in 2026E (with stronger growth in 2H), and at a CAGR of 8.3% over the next two years.

Commerce: Year of the “True Players”: CPALL and MOSHI, with 2-Year Earnings CAGR of 10–16%

CP ALL

Commerce: Year of the “True Players”: CPALL and MOSHI, with 2-Year Earnings CAGR of 10–16%