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, with a new 2026E fair value (FV) of Bt16.03 (from Bt14.80), based on a required return of 7.4% (from 8.7%), reflecting a target PER of 13.6x.</li><li>Valuation metrics indicate the share price is above our FV, despite expected earnings recovery in 2026–27E from 2025E, which was affected by tax.</li><li>ITC’s share price has risen to near-January levels, before US tax factors began affecting export stocks.</li></ul>

KTX maintains a “Neutral” rating, with a new 2026E fair value (FV) of Bt16.03 (from Bt14.80), based on a required return of 7.4% (from 8.7%), reflecting a target PER of 13.6x.Valuation metrics indicate the share price is above our FV, despite expected earnings recovery in 2026–27E from 2025E, which was affected by tax.ITC’s share price has risen to near-January levels, before US tax factors began affecting export stocks.

I-TAIL CORPORATION Plc. (ITC): Upbeat 3Q25 Earnings on Lower Tax Expenses