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>3Q25 net profit was Bt114mn (+120% YoY, +50% QoQ), beating expectations by 48% and reaching a two-year high.</li><li>We expect earnings to stay strong in 4Q25, which is the high season and usually the company’s most profitable quarter.</li><li>2025 earnings have upside to our forecast and could reach an all-time high. We will revise estimates after today’s analyst meeting. We keep a Neutral rating with a Bt3.20 FV.</li></ul>

3Q25 net profit was Bt114mn (+120% YoY, +50% QoQ), beating expectations by 48% and reaching a two-year high.We expect earnings to stay strong in 4Q25, which is the high season and usually the company’s most profitable quarter.2025 earnings have upside to our forecast and could reach an all-time high. We will revise estimates after today’s analyst meeting. We keep a Neutral rating with a Bt3.20 FV.

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G-Able

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