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 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).</li><li>KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.</li><li>NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).</li></ul>

We maintain a “Neutral” rating with a new 12M FV of Bt181.50, based on 0.73x PBV (from Bt171.50, 0.69x), using a multiple regression model (R² = 80%) under new macro assumptions of Rf 1.04% and MRP 5.79% (from 1.45% and 5.26%).KBANK reported 3Q25 net profit of Bt13.0bn (+6% YoY, +4% QoQ), beating estimates on stronger Non-NII (+23% YoY, +8% QoQ) from fund management fees and FVTPL gains.NII fell (–7% YoY, –1% QoQ) on flat loans and weaker NIM, but cost control kept PPOP flat YoY (+2% QoQ).

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII

Kasikornbank PCL

KASIKORNBANK PUBLIC COMPANY LIMITED (KBANK): Upbeat Earnings Driven By Stronger Non-NII