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)

United states Banks / Thematic (Sector/Industry)

<ul><li>Thai equities may gain support this week from i) the US Fed’s meeting minutes—which could mention expanding the Fed’s balance sheet and thus improving global liquidity—and ii) possibly stronger-than-expected 3Q25 GDP.</li><li>Both factors may attract high global liquidity into Thailand.</li><li>However, valuation remains a key concern, as the SET’s earnings yield gap (EYG) is still below our fair range (Figure 3), implying the market is unattractive for long-term investment.</li></ul>

Thai equities may gain support this week from i) the US Fed’s meeting minutes—which could mention expanding the Fed’s balance sheet and thus improving global liquidity—and ii) possibly stronger-than-expected 3Q25 GDP.Both factors may attract high global liquidity into Thailand.However, valuation remains a key concern, as the SET’s earnings yield gap (EYG) is still below our fair range (Figure 3), implying the market is unattractive for long-term investment.

KTX AHEAD: Thai Valuations Remain Tight; Positives Support Only Short-Term Trading