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 and raise our 12-month forward FV to Bt13.00 from Bt10.00, based on a 7.4% required return (previously 9.2%), following a revision to our forecast period under our new macro assumptions.</li>
<li>This implies around 9% upside.</li>
<li>While 2Q26 results may not have been particularly strong, signs of recovery have emerged, with lower provisions and improving cash collection.</li>
</ul>


We upgrade our rating to Outperform from Neutral and raise our 12-month forward FV to Bt13.00 from Bt10.00, based on a 7.4% required return (previously 9.2%), following a revision to our forecast period under our new macro assumptions.
This implies around 9% upside.
While 2Q26 results may not have been particularly strong, signs of recovery have emerged, with lower provisions and improving cash collection.


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