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 Sell. The share price implies 20% downside to our 12M forward FV of Bt8 (earnings yield; 22.4% required return).</li><li>Tactical upside risk is very limited. Two-year earnings are expected to grow at only 3% CAGR, below peers.</li><li>1Q26E is the low season for broiler exports, while higher feed costs in late 2025 will pressure GPM.</li></ul>

We maintain Sell. The share price implies 20% downside to our 12M forward FV of Bt8 (earnings yield; 22.4% required return).Tactical upside risk is very limited. Two-year earnings are expected to grow at only 3% CAGR, below peers.1Q26E is the low season for broiler exports, while higher feed costs in late 2025 will pressure GPM.

GFPT Plc. (GFPT): 4Q25 And 2025 In Line; 2026E Profit To Fall 8%