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>4Q25 net profit was in line with expectations, while core profit unremarkable QoQ due to seasonality (lower power and steam sales, higher SG&amp;A).</li><li>We maintain our Outperform rating and 12M FV of Bt41.50 (required return: 4.9%).</li><li>Upside to our 12M FV could stem from a lower Rf, improved asset utilization, and potential asset monetization within the PTT group, which would enhance the upside of the power portfolio.</li></ul>

4Q25 net profit was in line with expectations, while core profit unremarkable QoQ due to seasonality (lower power and steam sales, higher SG&amp;A).We maintain our Outperform rating and 12M FV of Bt41.50 (required return: 4.9%).Upside to our 12M FV could stem from a lower Rf, improved asset utilization, and potential asset monetization within the PTT group, which would enhance the upside of the power portfolio.

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Global Power Synergy

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