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

Thematic (Sector/Industry)

Thailand Industrials / Thematic (Sector/Industry)

<ul><li>The Thai baht continues to appreciate, currently at Bt31.7 per USD, its strongest level in four years.</li><li>Consequently, the average baht value in 3Q25 remains stronger both YoY and QoQ, which continues to pressure revenue and earnings in the electronics components sector.</li><li>While sector valuations have improved on the back of recovering product demand, we believe they may be nearing a short-term peak, as 3Q25E performance faces rising risks from currency appreciation.</li></ul>

The Thai baht continues to appreciate, currently at Bt31.7 per USD, its strongest level in four years.Consequently, the average baht value in 3Q25 remains stronger both YoY and QoQ, which continues to pressure revenue and earnings in the electronics components sector.While sector valuations have improved on the back of recovering product demand, we believe they may be nearing a short-term peak, as 3Q25E performance faces rising risks from currency appreciation.

Electronic Components: Baht Strength to Keep Pressuring Outlook – Neutral