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

Krungthai Card (SET:KTC) And Thai Banks – KTC Benefits from Low Funding Cost

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>We maintain a Neutral rating with a 12M forward fair value of Bt30.75, based on a 10.6% required return.</li><li>KTC reported 1Q26 net profit of Bt2.2bn, up 16.7% YoY and 4.6% QoQ, broadly in line with our and consensus estimates.</li><li>Asset quality remained manageable. Provisions declined 13.0% YoY (+3% QoQ), translating to a credit cost of 5.1% (-78 bps YoY, +13 bps QoQ).</li></ul>

We maintain a Neutral rating with a 12M forward fair value of Bt30.75, based on a 10.6% required return.KTC reported 1Q26 net profit of Bt2.2bn, up 16.7% YoY and 4.6% QoQ, broadly in line with our and consensus estimates.Asset quality remained manageable. Provisions declined 13.0% YoY (+3% QoQ), translating to a credit cost of 5.1% (-78 bps YoY, +13 bps QoQ).

KRUNGTHAI CARD Plc. (KTC): In-Line Earnings; Low Loan Growth, Quality Focus