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>KBANK reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~11% below our estimate.</li><li>Expenses was higher than expected (+3.2% YoY, +9.8% QoQ), lifting the cost-to-income ratio to 48.1% due to IT investments to expand service channels.</li><li>Loan book edged down -0.3% YoY (+2.5% QoQ), while NIM contracted (-42 bps YoY, -18 bps QoQ).</li></ul>

KBANK reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~11% below our estimate.Expenses was higher than expected (+3.2% YoY, +9.8% QoQ), lifting the cost-to-income ratio to 48.1% due to IT investments to expand service channels.Loan book edged down -0.3% YoY (+2.5% QoQ), while NIM contracted (-42 bps YoY, -18 bps QoQ).

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Earnings Miss on Higher Costs

Kasikornbank

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Earnings Miss on Higher Costs