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>4Q25/2025 earnings met expectations, with record sales, GPM, and core profit, driven by SSSG +1.6%/+7%, margin gains, and solid cost control.</li><li>1Q26TD is SSSG +6% (Jan +7%, Feb slightly positive).</li><li>We downgrade to Neutral (from Outperform) as the share price implies ~5% downside to our Bt37 fair value (6.8% required return).</li></ul>

4Q25/2025 earnings met expectations, with record sales, GPM, and core profit, driven by SSSG +1.6%/+7%, margin gains, and solid cost control.1Q26TD is SSSG +6% (Jan +7%, Feb slightly positive).We downgrade to Neutral (from Outperform) as the share price implies ~5% downside to our Bt37 fair value (6.8% required return).

Moshi Moshi Retail Corporation Plc. (MOSHI): 4Q25/2025 Earnings In Line