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 expect earnings to grow at a 25% CAGR over the next two years, driven by Bonus Suki turning profitable in 2H26E and outlets expansion to 100 by end-2027E. ROE and ROCE are expected to recover from 2026 onward.</li><li>We forecast a dividend yield of ~6% over 2026–28E (DPS Bt1.1/Bt1.2/Bt1.3). For 2H25, M declared a Bt0.5 DPS (XD on May 11), implying ~5% yield.</li><li>We downgrade our rating to “Outperform,” with 6% upside to our fair value of Bt20.70, based on a required return of 5.1%.We maintain a positive long-term growth outlook relative to peers and revise our tactical view to Limited downside (from Limited upside).</li></ul>

We expect earnings to grow at a 25% CAGR over the next two years, driven by Bonus Suki turning profitable in 2H26E and outlets expansion to 100 by end-2027E. ROE and ROCE are expected to recover from 2026 onward.We forecast a dividend yield of ~6% over 2026–28E (DPS Bt1.1/Bt1.2/Bt1.3). For 2H25, M declared a Bt0.5 DPS (XD on May 11), implying ~5% yield.We downgrade our rating to “Outperform,” with 6% upside to our fair value of Bt20.70, based on a required return of 5.1%.We maintain a positive long-term growth outlook relative to peers and revise our tactical view to Limited downside (from Limited upside).

MK Restaurant Group Plc. (M): Earnings To Grow 25% CAGR; Dividend Yield At 6%