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 maintained Outperform with a 12M fair value of Bt212.90, based on PBV of 0.85x.</li><li>KBANK reported 1Q26 core profit of Bt13.4bn (-3% YoY, +30% QoQ), beating our and market estimates by 24% and 18%, respectively.</li><li>Non-interest income came in above expectations (+28.4% YoY, +17.6% QoQ), including a one-off compensation gain of Bt1,455mn.</li></ul>

We maintained Outperform with a 12M fair value of Bt212.90, based on PBV of 0.85x.KBANK reported 1Q26 core profit of Bt13.4bn (-3% YoY, +30% QoQ), beating our and market estimates by 24% and 18%, respectively.Non-interest income came in above expectations (+28.4% YoY, +17.6% QoQ), including a one-off compensation gain of Bt1,455mn.

KBANK: Non-NII And Cost Control Were Key Highlights This Quarter

Kasikornbank

KBANK: Non-NII And Cost Control Were Key Highlights This Quarter