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>Weak consumer spending and the Thai Chuay Thai Plus scheme, which is expected to have a greater negative impact on retail than its benefit to wholesale, should drive a 12% YoY and 28% QoQ decline in 2Q26E profit.</li><li>We downgrade our rating to <strong>Neutral</strong> (from Outperform).</li><li>We forecast a 2-year earnings CAGR of 6%, below the sector average of 8%.</li></ul>

Weak consumer spending and the Thai Chuay Thai Plus scheme, which is expected to have a greater negative impact on retail than its benefit to wholesale, should drive a 12% YoY and 28% QoQ decline in 2Q26E profit.We downgrade our rating to Neutral (from Outperform).We forecast a 2-year earnings CAGR of 6%, below the sector average of 8%.

CP AXTRA Plc. (CPAXT): 2Q26E Net Profit Expected to Fall 12% YoY and 28% QoQ – Neutral (12M FWD Fair Value Bt16.20)

CP Axtra

CP AXTRA Plc. (CPAXT): 2Q26E Net Profit Expected to Fall 12% YoY and 28% QoQ – Neutral (12M FWD Fair Value Bt16.20)