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>Strong 2Q26 SSSG and GPM supported YoY earnings growth, while profit declined QoQ on seasonality.</li><li>SSSG momentum remained strong at +8-10% in July, continuing the positive momentum from the Friend of Moshi campaign in 2Q26.</li><li>We maintain our Outperform rating despite 4% downside to our 12-month FV of Bt37.50, based on a 6.7% required return.</li></ul>

Strong 2Q26 SSSG and GPM supported YoY earnings growth, while profit declined QoQ on seasonality.SSSG momentum remained strong at +8-10% in July, continuing the positive momentum from the Friend of Moshi campaign in 2Q26.We maintain our Outperform rating despite 4% downside to our 12-month FV of Bt37.50, based on a 6.7% required return.

MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 2Q26 Profit +20% YoY, -15% QoQ; Strong SSSG - Outperform (12M FWD Fair Value Bt37.50)

Moshi Moshi Retail

MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 2Q26 Profit +20% YoY, -15% QoQ; Strong SSSG - Outperform (12M FWD Fair Value Bt37.50)