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>3Q25 profit is projected to have declined 6% YoY and QoQ from a high base in 3Q24, which benefited from Digital Wallet spending.</li><li>Valuation metrics continue to support a positive fundamental view, as the current share price still offers 26% upside to our new fair value.</li><li>We revise our fair value to Bt28.50, based on a required return of 4.36%, reflecting updated assumptions of Rf = 1.04% and MRP = 5.81% (previously Bt27.00 / 4.5% / 1.45% / 5.26%).</li></ul>

3Q25 profit is projected to have declined 6% YoY and QoQ from a high base in 3Q24, which benefited from Digital Wallet spending.Valuation metrics continue to support a positive fundamental view, as the current share price still offers 26% upside to our new fair value.We revise our fair value to Bt28.50, based on a required return of 4.36%, reflecting updated assumptions of Rf = 1.04% and MRP = 5.81% (previously Bt27.00 / 4.5% / 1.45% / 5.26%).

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