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 an Outperform rating and raise our 12M FWD FV to Bt80.20, based on a PBV of 1.00x (from Bt74.00, 0.91x).</li><li>Earnings growth is expected to be driven by a recovery in auto hire purchase and strength in capital market expertise.</li><li>We expect 1Q26E net profit for KKP at Bt1.77bn, up 67.3% YoY and 0.2% QoQ.</li></ul>

We maintain an Outperform rating and raise our 12M FWD FV to Bt80.20, based on a PBV of 1.00x (from Bt74.00, 0.91x).Earnings growth is expected to be driven by a recovery in auto hire purchase and strength in capital market expertise.We expect 1Q26E net profit for KKP at Bt1.77bn, up 67.3% YoY and 0.2% QoQ.

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