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 are downgrading our rating to Neutral (from Outperform) due to limited valuation upside.</li><li>We expect a gradual earnings recovery in 2026E.</li><li>MASTER aims to hold 2026E revenue flat YoY, reflecting macroeconomic pressures, including rising energy costs that are dampening consumer discretionary spending, and intense price competition which is limiting customer acquisition.</li></ul>

We are downgrading our rating to Neutral (from Outperform) due to limited valuation upside.We expect a gradual earnings recovery in 2026E.MASTER aims to hold 2026E revenue flat YoY, reflecting macroeconomic pressures, including rising energy costs that are dampening consumer discretionary spending, and intense price competition which is limiting customer acquisition.

MASTER Style Plc. (MASTER): Recovery Horizon Extended To 2H26E - Neutral (12M Fwd Fair Value Bt8.40)

Master Style

MASTER Style Plc. (MASTER): Recovery Horizon Extended To 2H26E - Neutral (12M Fwd Fair Value Bt8.40)