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 a Neutral rating with a new fair value of Bt11.80 (from Bt12.00), reflecting i) a downward revision of the 2024-27E earnings forecasts, and ii) an offsetting reduction in the required return to 7.6% (from 8.8%) following a reassessment of the beta, based on our house view’s updated macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).</li><li>JMT reported a net profit of Bt247mn in 2Q25, down 32.7% YoY and 25.2% QoQ, due to higher provisions reflecting weaker debt collection and softer profit contribution from the JKAMC joint venture.</li><li>We revise down our net profit forecasts for 2025-27E by around 15-16%, reflecting an unfavorable economic outlook, which is expected to challenge cash collections and accelerate ECL provisioning.</li></ul>

We maintain a Neutral rating with a new fair value of Bt11.80 (from Bt12.00), reflecting i) a downward revision of the 2024-27E earnings forecasts, and ii) an offsetting reduction in the required return to 7.6% (from 8.8%) following a reassessment of the beta, based on our house view’s updated macro assumptions: Rf at 1.47% and MRP at 5.26% (previously 1.48% and 6.83%).JMT reported a net profit of Bt247mn in 2Q25, down 32.7% YoY and 25.2% QoQ, due to higher provisions reflecting weaker debt collection and softer profit contribution from the JKAMC joint venture.We revise down our net profit forecasts for 2025-27E by around 15-16%, reflecting an unfavorable economic outlook, which is expected to challenge cash collections and accelerate ECL provisioning.

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