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>KKP reported 3Q25 net profit of Bt1.7bn (+28% YoY, +18% QoQ), beating our and the market’s forecasts by 23% and 33%, driven by strong non-NII growth from FVTPL gains and capital market fees.</li><li>We have a mildly positive view after yesterday’s analyst meeting, as asset quality continues to recover. KKP still focuses on loan quality over growth (2025E loan contraction of ~8%) while increasing non-NII and managing costs to offset lower interest income.</li><li>We raise 2025E profit by ~14%, with minor changes to 2026–27E forecasts. This reflects higher non-NII from fees and FVTPL, a 12% provision hike, lower loan growth (–8% in 2025E), and NIM adjusted for the end of the “You Fight We Help” program in 3Q25.</li></ul>

KKP reported 3Q25 net profit of Bt1.7bn (+28% YoY, +18% QoQ), beating our and the market’s forecasts by 23% and 33%, driven by strong non-NII growth from FVTPL gains and capital market fees.We have a mildly positive view after yesterday’s analyst meeting, as asset quality continues to recover. KKP still focuses on loan quality over growth (2025E loan contraction of ~8%) while increasing non-NII and managing costs to offset lower interest income.We raise 2025E profit by ~14%, with minor changes to 2026–27E forecasts. This reflects higher non-NII from fees and FVTPL, a 12% provision hike, lower loan growth (–8% in 2025E), and NIM adjusted for the end of the “You Fight We Help” program in 3Q25.

KIATNAKIN PHATRA BANK Plc. (KKP): Upbeat Earnings Already Priced In

Kiatnakin Bank

KIATNAKIN PHATRA BANK Plc. (KKP): Upbeat Earnings Already Priced In