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 maintain a Buy call and a 12M FV of Bt6.40 (9.5% required return), implying 10.5x PER.</li><li>Strong 2025-28E earnings growth of 9% CAGR is supported by revenue recovery and continued cost reductions.</li><li>Despite near-term top-line headwinds and elevated fuel costs, SCGD trades at an undemanding valuation, with attractive 2026-28E dividend yields of 6-8%.</li></ul>

We maintain a Buy call and a 12M FV of Bt6.40 (9.5% required return), implying 10.5x PER.Strong 2025-28E earnings growth of 9% CAGR is supported by revenue recovery and continued cost reductions.Despite near-term top-line headwinds and elevated fuel costs, SCGD trades at an undemanding valuation, with attractive 2026-28E dividend yields of 6-8%.

Energy Costs Briefly Weigh on 3Q26E Earnings

SCG Decor PCL

Energy Costs Briefly Weigh on 3Q26E Earnings