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 our Outperform rating and raise our 12month forward fair value to Bt237.00, based on a PBV of 0.94x (from Bt212.90, based on a PBV of 0.85x), reflecting our earnings forecast revision and the roll-forward of our valuation under updated macroeconomic assumptions, including a 10-year government bond yield of 1.87% (from 1.83%).</li><li>Our new fair value implies an upside of around 10%. We expect 2Q26E earnings to continue growing YoY, supported by higher non-interest income and a recovery in the insurance business. Meanwhile, loan growth is expected to rebound strongly in 2Q26E as balance sheet restructuring progresses under the low policy rate environment, as part of the bank's balance sheet management strategy alongside dividend payments and share buybacks.</li><li>We expect KBANK to report a 2Q26E net profit of Bt13.0bn, up 3.6% YoY but down 11.8% QoQ, or down 3.3% QoQ excluding the one-off item recorded in 1Q26.</li></ul>

We maintain our Outperform rating and raise our 12month forward fair value to Bt237.00, based on a PBV of 0.94x (from Bt212.90, based on a PBV of 0.85x), reflecting our earnings forecast revision and the roll-forward of our valuation under updated macroeconomic assumptions, including a 10-year government bond yield of 1.87% (from 1.83%).Our new fair value implies an upside of around 10%. We expect 2Q26E earnings to continue growing YoY, supported by higher non-interest income and a recovery in the insurance business. Meanwhile, loan growth is expected to rebound strongly in 2Q26E as balance sheet restructuring progresses under the low policy rate environment, as part of the bank's balance sheet management strategy alongside dividend payments and share buybacks.We expect KBANK to report a 2Q26E net profit of Bt13.0bn, up 3.6% YoY but down 11.8% QoQ, or down 3.3% QoQ excluding the one-off item recorded in 1Q26.

KBANK: 2Q26E Earnings To Rise YoY, Decline QoQ – Outperform

Kasikornbank

KBANK: 2Q26E Earnings To Rise YoY, Decline QoQ – Outperform