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 would likely miss our previous forecast due to softer residential sales, while F&amp;B shows improvement as SSSG decline eased as SSSG in China turned positive.</li><li>We rolled forward to a 2026E fair value of Bt30.00, based on a required return of 5.2% and updated assumptions: Rf 1.04% and MRP 5.81% (previously Bt30.25/5.3%/1.45%/5.26%).</li><li>We upgrade to “Buy” (from Outperform), turning more positive on current valuation after a 10% share price drop since the last results, lifting upside to 34%. We now see very limited tactical downside (from Neutral), with baht concerns and slower RevPAR growth priced in. We maintain 2026–28E EPS growth at 14% CAGR, above peers.</li></ul>

3Q25 core profit would likely miss our previous forecast due to softer residential sales, while F&amp;B shows improvement as SSSG decline eased as SSSG in China turned positive.We rolled forward to a 2026E fair value of Bt30.00, based on a required return of 5.2% and updated assumptions: Rf 1.04% and MRP 5.81% (previously Bt30.25/5.3%/1.45%/5.26%).We upgrade to “Buy” (from Outperform), turning more positive on current valuation after a 10% share price drop since the last results, lifting upside to 34%. We now see very limited tactical downside (from Neutral), with baht concerns and slower RevPAR growth priced in. We maintain 2026–28E EPS growth at 14% CAGR, above peers.

MINOR INTERNATIONAL Plc. (MINT): Residential Business Pressured 3Q25E Earnings

Minor International

MINOR INTERNATIONAL Plc. (MINT): Residential Business Pressured 3Q25E Earnings