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 initiate our coverage on KTC with an Outperform rating and a 12-month fair value (FV) of Bt45.50, based on the earnings yield method with a required return of 6.6%.</li><li>The valuation metrics indicate 24% upside to the current price.</li><li>The stock has declined 25% YTD, reflecting concerns over weak purchasing power and selling pressure following its removal from the MSCI Global Standard Index, while the long-term growth prospects are lower than peers — core EPS is projected to grow at a 6.1% CAGR in 2026-27E. The tactical downside risk appears limited</li></ul>

We initiate our coverage on KTC with an Outperform rating and a 12-month fair value (FV) of Bt45.50, based on the earnings yield method with a required return of 6.6%.The valuation metrics indicate 24% upside to the current price.The stock has declined 25% YTD, reflecting concerns over weak purchasing power and selling pressure following its removal from the MSCI Global Standard Index, while the long-term growth prospects are lower than peers — core EPS is projected to grow at a 6.1% CAGR in 2026-27E. The tactical downside risk appears limited

Krungthai Card - Maintaining Strength Amid a Challenging Environment