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 are neutral on 3Q26E earnings, with profit expected to rise YoY and QoQ on the peak sales season (except frozen seafood) and a weaker baht.</li>
<li>This would bring 9M26E core profit to Bt3.65bn (+21% YoY), or 84% of our 2026 forecast.</li>
<li>We maintain Neutral, with 7% upside to our fair value of Bt13.30, based on a 7.6% required return.</li>
</ul>


We are neutral on 3Q26E earnings, with profit expected to rise YoY and QoQ on the peak sales season (except frozen seafood) and a weaker baht.
This would bring 9M26E core profit to Bt3.65bn (+21% YoY), or 84% of our 2026 forecast.
We maintain Neutral, with 7% upside to our fair value of Bt13.30, based on a 7.6% required return.


Thai Union Group

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