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 switch to Outperform (from Buy), as upside to the revised fair value (FV) has narrowed to around +7%.</li><li>2025 was a tough year for MASTER, as persistent headwinds drove our 2025E net profit forecast down 60% YoY, with only a modest ~6% recovery expected in 2026E.</li><li>Our FV model shows that expected earnings growth over the next 12 months is the key driver of FV.</li></ul>

We switch to Outperform (from Buy), as upside to the revised fair value (FV) has narrowed to around +7%.2025 was a tough year for MASTER, as persistent headwinds drove our 2025E net profit forecast down 60% YoY, with only a modest ~6% recovery expected in 2026E.Our FV model shows that expected earnings growth over the next 12 months is the key driver of FV.

MASTER STYLE Plc. (MASTER): 2025: A Tough Year—Patience Needed For Recovery

Master Style

MASTER STYLE Plc. (MASTER): 2025: A Tough Year—Patience Needed For Recovery