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>With 2Q26E forward bookings in Europe growing only 2% YoY—despite entering the high season—along with rising cost pressures, we see downside risk to the 2026E outlook, partly from Middle East tensions.</li><li>We maintain an Outperform rating, as the share price has declined 20% since the Middle East developments, which we believe has largely priced in the negative impact.</li><li>We take a negative view on 1Q26E core profit, estimated at Bt126mn (+153% YoY but -96% QoQ), coming in weaker than our previous expectation.</li></ul>

With 2Q26E forward bookings in Europe growing only 2% YoY—despite entering the high season—along with rising cost pressures, we see downside risk to the 2026E outlook, partly from Middle East tensions.We maintain an Outperform rating, as the share price has declined 20% since the Middle East developments, which we believe has largely priced in the negative impact.We take a negative view on 1Q26E core profit, estimated at Bt126mn (+153% YoY but -96% QoQ), coming in weaker than our previous expectation.

Minor International Plc. (MINT): Core Profit Cut On Weaker Outlook From Middle East Tensions