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 4Q25E core profit to exceed our prior view, with sales, GPM, and core profit set to reach record highs, driven by SSSG of +1.5% and GPM of 56.3%, the strongest among six commerce names under our coverage.</li><li>SSSG momentum in January 2026 is expected to remain strong at +8% MoM.</li><li>We downgrade to Outperform (from Buy), with the current share price offering 5% upside to the 12M forward FV of Bt34.75 based on a required return of 6.3% (from Bt41.40/5.13%).</li></ul>

We expect 4Q25E core profit to exceed our prior view, with sales, GPM, and core profit set to reach record highs, driven by SSSG of +1.5% and GPM of 56.3%, the strongest among six commerce names under our coverage.SSSG momentum in January 2026 is expected to remain strong at +8% MoM.We downgrade to Outperform (from Buy), with the current share price offering 5% upside to the 12M forward FV of Bt34.75 based on a required return of 6.3% (from Bt41.40/5.13%).

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