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>2Q26 profit fell 18% YoY and 33% QoQ.</li><li>We expect 3Q26E profit to remain weak YoY as Thai Chuay Thai Plus weighs on B2C for a full quarter, while expenses from the August 21 opening of Happitat begin to be recognized (the company expects Happitat to incur a Bt400mn loss in 2H26).</li><li>We maintain our Neutral rating.</li></ul>

2Q26 profit fell 18% YoY and 33% QoQ.We expect 3Q26E profit to remain weak YoY as Thai Chuay Thai Plus weighs on B2C for a full quarter, while expenses from the August 21 opening of Happitat begin to be recognized (the company expects Happitat to incur a Bt400mn loss in 2H26).We maintain our Neutral rating.

CP AXTRA Plc. (CPAXT): 2Q26 NP Fell YoY/QoQ, Below Forecast on Higher-Than-Expected Expenses - Neutral (12M FWD Fair Value Bt16.20)

CP Axtra

CP AXTRA Plc. (CPAXT): 2Q26 NP Fell YoY/QoQ, Below Forecast on Higher-Than-Expected Expenses - Neutral (12M FWD Fair Value Bt16.20)