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>We revise our fair value to Bt27, based on a required return of 4.4%, reflecting our new assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt22.50, 5.2%, 1.48%, and 6.83%).</li><li>Valuation metrics: We upgrade our recommendation to Buy (previously Outperform) as the current share price offers 28% upside to the new fair value.</li><li>We maintain a positive view on the current fundamentals and solid long-term growth outlook, but revise our tactical view to limited downside risk (previously very limited downside risk).</li></ul>

We revise our fair value to Bt27, based on a required return of 4.4%, reflecting our new assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt22.50, 5.2%, 1.48%, and 6.83%).Valuation metrics: We upgrade our recommendation to Buy (previously Outperform) as the current share price offers 28% upside to the new fair value.We maintain a positive view on the current fundamentals and solid long-term growth outlook, but revise our tactical view to limited downside risk (previously very limited downside risk).

CP Axtra - 2Q25 Earnings Increased YoY and QoQ as Expected