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 switch to an Outperform rating with a new 12-month fair value (12M FV) of Bt69.75 (previously Buy; Bt65.25), based on the earnings yield method with a required return of 9.4% (previously 10.2%).</li><li>Net profit growth is projected at a CAGR of 9.3% from 2025-27E, driven by reduced provisioning and repossession losses following effective asset quality management in recent years.</li><li>With the stock price rising by 8.5% over the past month compared to a -0.8% decline in the SET Index, the tactical risk outlook has been adjusted from neutral to very limited upside.</li></ul>

We switch to an Outperform rating with a new 12-month fair value (12M FV) of Bt69.75 (previously Buy; Bt65.25), based on the earnings yield method with a required return of 9.4% (previously 10.2%).Net profit growth is projected at a CAGR of 9.3% from 2025-27E, driven by reduced provisioning and repossession losses following effective asset quality management in recent years.With the stock price rising by 8.5% over the past month compared to a -0.8% decline in the SET Index, the tactical risk outlook has been adjusted from neutral to very limited upside.

KKP - 2025E Earnings to Recover Due to Lower Provisions and Losses from Repossessed Vehicles

Kiatnakin Bank

KKP - 2025E Earnings to Recover Due to Lower Provisions and Losses from Repossessed Vehicles