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 an Outperform rating and slightly raise 12M FWD fair value to Bt212.90 (from Bt210.00), based on PBV of 0.85x, reflecting revised macro assumptions with an upward-sloping yield curve and 10Y yield at 1.83% (from 1.23%).</li><li>Earnings face pressure from declining interest rates, but the rate cycle likely bottomed. KBANK’s proactive capital management—share buybacks and high dividends—should limit downside, with a 2H25 DPS of Bt12 (6.2% yield; XD on April 21, 2026).</li><li>We expect KBANK’s 1Q26E profit at Bt10.7bn, down 21.6% YoY but up 5.1% QoQ.</li></ul>

We maintain an Outperform rating and slightly raise 12M FWD fair value to Bt212.90 (from Bt210.00), based on PBV of 0.85x, reflecting revised macro assumptions with an upward-sloping yield curve and 10Y yield at 1.83% (from 1.23%).Earnings face pressure from declining interest rates, but the rate cycle likely bottomed. KBANK’s proactive capital management—share buybacks and high dividends—should limit downside, with a 2H25 DPS of Bt12 (6.2% yield; XD on April 21, 2026).We expect KBANK’s 1Q26E profit at Bt10.7bn, down 21.6% YoY but up 5.1% QoQ.

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