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 upgrade our rating to “Outperform” from “Neutral”, with a new 12M forward fair value of Bt19.10, based on a required return of 5.9%, implying a PER of 16.9x (previously Bt16.03, based on a required return of 7.4%).</li><li>ITC reported a 4Q25 net profit of Bt793mn (flat YoY, -2% QoQ), in line with our estimate and Bloomberg Consensus.</li><li>The company targets 2026E USD-denominated revenue growth of 9–12% YoY, above the industry outlook of 3–4% YoY, driven by US expansion after new customer additions in late 2025.</li></ul>

We upgrade our rating to “Outperform” from “Neutral”, with a new 12M forward fair value of Bt19.10, based on a required return of 5.9%, implying a PER of 16.9x (previously Bt16.03, based on a required return of 7.4%).ITC reported a 4Q25 net profit of Bt793mn (flat YoY, -2% QoQ), in line with our estimate and Bloomberg Consensus.The company targets 2026E USD-denominated revenue growth of 9–12% YoY, above the industry outlook of 3–4% YoY, driven by US expansion after new customer additions in late 2025.

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