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 Neutral recommendation with a new 12M FWD fair value of Bt9.10 (from Bt9.00), based on a required return of 10.1% (from 9.5%), reflecting a shift in our valuation methodology to an ERP-based approach (previously beta-based) and a rollover of our forecast period.</li><li>The stock appears fully valued in the near term (–3% to our target price), in line with technical indicators suggesting limited upside. Over the longer term, earnings growth is expected to outpace the industry as ECL provisioning declines.</li><li>4Q25 profit fell YoY and QoQ, but cash collection improved and provisioning eased. The stock trades at 0.5x PBV with an upcoming dividend yield of ~4.6%.</li></ul>

We maintain our Neutral recommendation with a new 12M FWD fair value of Bt9.10 (from Bt9.00), based on a required return of 10.1% (from 9.5%), reflecting a shift in our valuation methodology to an ERP-based approach (previously beta-based) and a rollover of our forecast period.The stock appears fully valued in the near term (–3% to our target price), in line with technical indicators suggesting limited upside. Over the longer term, earnings growth is expected to outpace the industry as ECL provisioning declines.4Q25 profit fell YoY and QoQ, but cash collection improved and provisioning eased. The stock trades at 0.5x PBV with an upcoming dividend yield of ~4.6%.

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