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>3Q25E profit from the convenience store (CVS) business is expected to have increased YoY but declined QoQ, driven by lower SSSG and higher GPM YoY and QoQ.</li><li>Valuation metrics continue to support a positive fundamental view, with stable long-term growth prospects as earnings are projected to grow at a CAGR of 12% over the next two years.</li><li>We revise our fair value to Bt54.00, based on a required return of 6.54%, reflecting updated assumptions of Rf = 1.04% and MRP = 5.81%.</li></ul>

3Q25E profit from the convenience store (CVS) business is expected to have increased YoY but declined QoQ, driven by lower SSSG and higher GPM YoY and QoQ.Valuation metrics continue to support a positive fundamental view, with stable long-term growth prospects as earnings are projected to grow at a CAGR of 12% over the next two years.We revise our fair value to Bt54.00, based on a required return of 6.54%, reflecting updated assumptions of Rf = 1.04% and MRP = 5.81%.

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