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>KTX maintains a Neutral rating and raises our fair value to Bt14.80 (from Bt13.61), based on the earnings yield method with a required return of 8.0%, implying a target PER of 12.6x.</li><li>We maintain a Neutral view following Friday’s analyst meeting. 3Q25E earnings are expected to soften YoY due to the high base. However, they should improve QoQ, supported by a higher sales mix of premium products, despite headwinds from the stronger baht.</li><li>The company’s 3Q25E sales appear to outperform Thailand’s overall export trend, likely supported by premium product sales. Our study shows that the company’s quarterly revenue has a statistically significant correlation of 0.82 with the reported export value of dog and cat food (with a one-month lag).</li></ul>

KTX maintains a Neutral rating and raises our fair value to Bt14.80 (from Bt13.61), based on the earnings yield method with a required return of 8.0%, implying a target PER of 12.6x.We maintain a Neutral view following Friday’s analyst meeting. 3Q25E earnings are expected to soften YoY due to the high base. However, they should improve QoQ, supported by a higher sales mix of premium products, despite headwinds from the stronger baht.The company’s 3Q25E sales appear to outperform Thailand’s overall export trend, likely supported by premium product sales. Our study shows that the company’s quarterly revenue has a statistically significant correlation of 0.82 with the reported export value of dog and cat food (with a one-month lag).

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