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 Outperform (from Neutral) with a new 12-month fair value (12M FV) of Bt9.90, offering 7% upside.</li><li>Our 12M FV increase to Bt9.90 (from Bt8.40) is driven by a lower required return of 9.3% (from 10.6%), reflecting revised macro assumptions to run ERP estimate.</li><li>We believe quarterly earnings troughed in 1Q26 and will steadily accelerate to a seasonal peak in 4Q26E.</li></ul>

We upgrade our rating to Outperform (from Neutral) with a new 12-month fair value (12M FV) of Bt9.90, offering 7% upside.Our 12M FV increase to Bt9.90 (from Bt8.40) is driven by a lower required return of 9.3% (from 10.6%), reflecting revised macro assumptions to run ERP estimate.We believe quarterly earnings troughed in 1Q26 and will steadily accelerate to a seasonal peak in 4Q26E.

MASTER STYLE Plc. (MASTER): Expect 2Q26E Earnings to Recover, With Further Acceleration Ahead - Outperform (12M FWD Fair Value Bt9.90)

Master Style

MASTER STYLE Plc. (MASTER): Expect 2Q26E Earnings to Recover, With Further Acceleration Ahead - Outperform (12M FWD Fair Value Bt9.90)