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>Due to ongoing macroeconomic uncertainties and financial market volatility, we are in the process of reviewing and updating the valuation method for the banking sector. (Previously rated Neutral, FV Bt188.00)</li><li>1Q25 net profit came in at Bt13.8bn (+1% YoY, +28% QoQ), 14% above our estimate, driven by stronger-than- expected non-interest income (non-NII) and lower- than-expected provisions.</li><li>Provisions declined 16% YoY and 20% QoQ after significant NPL management in the previous year, resulting in credit costs of 160 bps — at the upper end of the target range.</li></ul>

Due to ongoing macroeconomic uncertainties and financial market volatility, we are in the process of reviewing and updating the valuation method for the banking sector. (Previously rated Neutral, FV Bt188.00)1Q25 net profit came in at Bt13.8bn (+1% YoY, +28% QoQ), 14% above our estimate, driven by stronger-than- expected non-interest income (non-NII) and lower- than-expected provisions.Provisions declined 16% YoY and 20% QoQ after significant NPL management in the previous year, resulting in credit costs of 160 bps — at the upper end of the target range.

KBANK TB - Upbeat 1Q25 Earnings on Higher-Than-Expected Non-NII and Better-Than-Expected Provisions

Kasikornbank PCL

KBANK TB - Upbeat 1Q25 Earnings on Higher-Than-Expected Non-NII and Better-Than-Expected Provisions