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>1Q26 profit returned to YoY and QoQ growth, driven by strong momentum in the CVS business, supported by higher sales and GPM, while operating expenses to total revenue declined by 10 bps YoY and 80 bps QoQ.</li><li>CPAll remains a defensive play within the commerce sector, backed by its strong store network, ability to adapt quickly, and efficient management.</li><li>We maintain our Outperform rating, with the stock offering 5% upside to our fair value of Bt47, based on a required return of 7.2%.</li></ul>

1Q26 profit returned to YoY and QoQ growth, driven by strong momentum in the CVS business, supported by higher sales and GPM, while operating expenses to total revenue declined by 10 bps YoY and 80 bps QoQ.CPAll remains a defensive play within the commerce sector, backed by its strong store network, ability to adapt quickly, and efficient management.We maintain our Outperform rating, with the stock offering 5% upside to our fair value of Bt47, based on a required return of 7.2%.

CP ALL Plc. (CPALL): 1Q26 Profit Beat Driven By Strong CVS Growth