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 1Q26 SSSG and GPM supported YoY growth in core profit (though declining QoQ due to seasonality), accounting for 24% of our 2026E core profit forecast of Bt754mn (+17% YoY).</li><li>SSSG momentum in April remained flat overall, with growth of +2-3% in the first half of the month before softening in the second half.</li><li>We maintain our Outperform rating, with the stock offering 6% upside to our fair value of Bt37, based on a required return of 6.9%.</li></ul>

Strong 1Q26 SSSG and GPM supported YoY growth in core profit (though declining QoQ due to seasonality), accounting for 24% of our 2026E core profit forecast of Bt754mn (+17% YoY).SSSG momentum in April remained flat overall, with growth of +2-3% in the first half of the month before softening in the second half.We maintain our Outperform rating, with the stock offering 6% upside to our fair value of Bt37, based on a required return of 6.9%.

MOSHI: Profit Rose 22% YoY, Driven By +3.8% SSSG and GPM Expansion

Moshi Moshi Retail

MOSHI: Profit Rose 22% YoY, Driven By +3.8% SSSG and GPM Expansion