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 Banks / Thematic (Sector/Industry)

<ul><li>The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.</li><li>For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.</li><li>We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.</li></ul>

The finance sector posted 2Q25 net profit of Bt4,614mn (+11.7% YoY, +7.6% QoQ), about 5% above expectations, driven mainly by SAWAD.For 2H25E, financing costs and provisions are expected to decline, though growth should remain moderate with a continued emphasis on quality.We maintain a Neutral view on lenders in the title loan and truck hire-purchase segments, as operators remain focused on risk management, debt reduction, and sustainable growth.

Finance & Securities: Upbeat Earnings; Asset Quality Under Control...