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 maintain our Outperform rating with a buy recommendation based on the fundamentals, as the stock price has +62% upside to the fair value (FV) of Bt22.80 (based on a required return of 5.3%).</li><li>In addition, the downside risk is limited from the tactical perspective.</li><li>Profit for 2025-26E is expected to grow at an average of 16% per year, driven by a reduction in allowance expenses (ECL), although this growth remains below the industry average.</li></ul>

We maintain our Outperform rating with a buy recommendation based on the fundamentals, as the stock price has +62% upside to the fair value (FV) of Bt22.80 (based on a required return of 5.3%).In addition, the downside risk is limited from the tactical perspective.Profit for 2025-26E is expected to grow at an average of 16% per year, driven by a reduction in allowance expenses (ECL), although this growth remains below the industry average.

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