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 came away slightly positive from the analyst meeting, as SSSG remains strong at 7-8% in 3Q26TD, while GPM is expected to improve YoY.</li><li>We preliminarily expect 3Q26E earnings to grow YoY, although higher marketing expenses could weigh on QoQ performance.</li><li>We downgrade our rating to Neutral from Outperform, as the latest share price implies 9% downside to our 12M FV of Bt37.50, based on a required return of 6.7%.</li></ul>

We came away slightly positive from the analyst meeting, as SSSG remains strong at 7-8% in 3Q26TD, while GPM is expected to improve YoY.We preliminarily expect 3Q26E earnings to grow YoY, although higher marketing expenses could weigh on QoQ performance.We downgrade our rating to Neutral from Outperform, as the latest share price implies 9% downside to our 12M FV of Bt37.50, based on a required return of 6.7%.

MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 3Q26TD SSSG Remains Strong, With GPM and SG&A Expenses Expected to Increase YoY - Neutral (12M FWD Fair Value Bt37.50)

Moshi Moshi Retail

MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 3Q26TD SSSG Remains Strong, With GPM and SG&A Expenses Expected to Increase YoY - Neutral (12M FWD Fair Value Bt37.50)