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 upgrade our recommendation on KKP to “BUY” (from “Outperform”) as the stock has declined more than 11% since the 2Q25 earnings release, resulting in around 14% upside to our new 12-month fair value (FV).</li><li>Near-term risks appear neutral, with KKP currently trading at a PBV close to its 6-month average.</li><li>We revise our fair value to Bt56.50 (from Bt70.25), following a change in our valuation approach to a PBV- based method using a 0.70x multiple (derived from a regression model).</li></ul>

We upgrade our recommendation on KKP to “BUY” (from “Outperform”) as the stock has declined more than 11% since the 2Q25 earnings release, resulting in around 14% upside to our new 12-month fair value (FV).Near-term risks appear neutral, with KKP currently trading at a PBV close to its 6-month average.We revise our fair value to Bt56.50 (from Bt70.25), following a change in our valuation approach to a PBV- based method using a 0.70x multiple (derived from a regression model).

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