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 anticipate YoY earnings growth for 1Q26E, driven by resilient volume sales.</li><li>The revised fair value is derived from a required return of 9.2% (down from 9.3%), with the equity risk premium (ERP) adjusted to align with updated company-specific inputs i.e. 12-month forward EPS growth, ROE, and book value per share) following our fundamental revision.</li><li>We maintain a Neutral rating, as the current share price appears fully valued against the revised fair value of Bt15.60 (down from Bt17.40).</li></ul>

We anticipate YoY earnings growth for 1Q26E, driven by resilient volume sales.The revised fair value is derived from a required return of 9.2% (down from 9.3%), with the equity risk premium (ERP) adjusted to align with updated company-specific inputs i.e. 12-month forward EPS growth, ROE, and book value per share) following our fundamental revision.We maintain a Neutral rating, as the current share price appears fully valued against the revised fair value of Bt15.60 (down from Bt17.40).

HAAD THIP Plc. (HTC): Cost Pressures Remain Manageable – Neutral (12M FWD Fair Value Bt15.60)

Haad Thip

HAAD THIP Plc. (HTC): Cost Pressures Remain Manageable – Neutral (12M FWD Fair Value Bt15.60)