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>The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.</li><li>The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.</li><li>We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.</li></ul>

The 1Q25 performance returned to a core profit as expected, and the outlook for 2Q25E remains positive, supported by lower interest expenses and the start of the European tourism season.The company faces low risk from the Thai tourism segment, as revenue from Thai hotels accounts for only 11% of total revenue, supporting a core earnings CAGR of +12% over the next three years — above the industry average.We maintain an Outperform rating with a target price of Bt30.00, based on a required return of 5.0%.

Minor International - 1Q25 Earnings Turned Around to Profit as Expected