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 upgrade our rating to Buy (previously Outperform), as the sharp decline in the share price over the past two weeks appears to overly reflect disappointment regarding the earnings outlook.</li><li>This has pushed the share price to trade at an average of 2.5 S.D. below the fair value (FV), prompting us to revise our short-term tactical view to very limited downside risk (previously limited downside risk).</li><li>The opportune time for entry, in our view, would be after the 2Q25 earnings announcement.</li></ul>

We upgrade our rating to Buy (previously Outperform), as the sharp decline in the share price over the past two weeks appears to overly reflect disappointment regarding the earnings outlook.This has pushed the share price to trade at an average of 2.5 S.D. below the fair value (FV), prompting us to revise our short-term tactical view to very limited downside risk (previously limited downside risk).The opportune time for entry, in our view, would be after the 2Q25 earnings announcement.

Master Style - Multiple Negative Factors Persist, but Largely Priced In