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>3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger baht.</li><li>4Q25E profit should be flat YoY, as a major hotel renovation offsets the benefit from the “Travel Well Get A Refund” tourism boost scheme.</li><li>We maintain BUY with a 2026E FV of Bt30.00 (required return 5.2%). Valuation metric remains positive on current valuation with 42% upside.</li></ul>

3Q25 core profit rose YoY as expected due to lower interest expenses and a slower SSSG contraction, while RevPAR saw a small hit from the stronger baht.4Q25E profit should be flat YoY, as a major hotel renovation offsets the benefit from the “Travel Well Get A Refund” tourism boost scheme.We maintain BUY with a 2026E FV of Bt30.00 (required return 5.2%). Valuation metric remains positive on current valuation with 42% upside.

MINOR INTERNATIONAL Plc. (MINT): 4Q25E Boosted by Stimulus But Dragged by Hotel Renovation

Minor International

MINOR INTERNATIONAL Plc. (MINT): 4Q25E Boosted by Stimulus But Dragged by Hotel Renovation