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

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>The contraction in imports by both China and Japan signals that the positive momentum for Thai exports may start to wane, as Thai exports typically move in line with the import trends of these two countries.</li><li>The sharp appreciation of the Thai baht (as reflected by Nominal effective exchange rate (NEER)) had previously made it more difficult for Thai exports to compete on price, while simultaneously encouraging more imports while pressuring Thailand’s trade balance.</li><li>However, this trend is beginning to ease, as reflected by the implied NEER Index (estimated by KTX based on changes in the baht against the currencies of Thailand’s six major export markets, accounting for approximately 73.3% of exports in 2024), which weakened by roughly 0.3% MoM in March 2025, compared to a 0.8% increase in February.</li></ul>

The contraction in imports by both China and Japan signals that the positive momentum for Thai exports may start to wane, as Thai exports typically move in line with the import trends of these two countries.The sharp appreciation of the Thai baht (as reflected by Nominal effective exchange rate (NEER)) had previously made it more difficult for Thai exports to compete on price, while simultaneously encouraging more imports while pressuring Thailand’s trade balance.However, this trend is beginning to ease, as reflected by the implied NEER Index (estimated by KTX based on changes in the baht against the currencies of Thailand’s six major export markets, accounting for approximately 73.3% of exports in 2024), which weakened by roughly 0.3% MoM in March 2025, compared to a 0.8% increase in February.

KTX Ahead - March 24, 2025