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 an Outperform rating with a 12-month forward fair value of Bt19.10, based on the earnings yield approach using a required return of 5.9%, implying a target PER of 15.1x. Our valuation suggests 26% upside from the current share price.</li><li>We expect ITC to report 2Q26E net profit of Bt747mn (+7% YoY, -14% QoQ) and core profit of Bt755mn (+6% YoY, -13% QoQ).</li><li>The YoY growth is expected to be driven by higher revenue, while the QoQ decline mainly reflects seasonal factors and higher costs.</li></ul>

KTX maintains an Outperform rating with a 12-month forward fair value of Bt19.10, based on the earnings yield approach using a required return of 5.9%, implying a target PER of 15.1x. Our valuation suggests 26% upside from the current share price.We expect ITC to report 2Q26E net profit of Bt747mn (+7% YoY, -14% QoQ) and core profit of Bt755mn (+6% YoY, -13% QoQ).The YoY growth is expected to be driven by higher revenue, while the QoQ decline mainly reflects seasonal factors and higher costs.

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