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

Delta Electronics Thailand  / Equity Bottom-Up

<ul><li>In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.</li><li>4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.</li><li>We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.</li></ul>

In line with our previous note, DELTA’s share price has been unable to sustain a P/E above 85x for more than two months, and has fallen by more than 24% from its peak.4Q25 profit is expected to reach an all-time high, while 2026 profit is projected to continue growing to Bt29bn (+23% YoY), supported by still-strong demand.We upgrade our rating to Neutral from Underperform, maintaining our FV at Bt195 based on a P/E of 85x, which we see as the stock’s maximum justifiable valuation.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Back To A More Appropriate Level