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 Financials / Thematic (Sector/Industry)

<ul><li>We maintain an Overweight rating on the title loan sector, supported by our forecasted net profit growth of a 12.7% CAGR in 2025-27E for the companies under our coverage.</li><li>The growth will be driven by lower provisioning expenses in tandem with ongoing loan expansion, albeit at a slower pace, in line with a quality-focused growth strategy aimed at maintaining asset quality.</li><li>Meanwhile, stock prices have already priced in the 1Q25E outlook, which is the low season for the sector, as reflected in the equity risk premium (ERP) trading at +2 S.D. </li></ul>

We maintain an Overweight rating on the title loan sector, supported by our forecasted net profit growth of a 12.7% CAGR in 2025-27E for the companies under our coverage.The growth will be driven by lower provisioning expenses in tandem with ongoing loan expansion, albeit at a slower pace, in line with a quality-focused growth strategy aimed at maintaining asset quality.Meanwhile, stock prices have already priced in the 1Q25E outlook, which is the low season for the sector, as reflected in the equity risk premium (ERP) trading at +2 S.D. 

Finance & Securities (Title Loan): Quality Growth to Support Continued Improvement in Asset Quality