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>The valuation metrics suggest maintaining an Outperform rating, with the current share price offering around 30% upside to the new fair value.</li><li>Meanwhile, the long-term growth outlook remains solid (EPS growth for 2026-27E is expected at a CAGR of 13%), and the tactical risk is neutral.</li><li>We revise our 12-month fair value (12M FV) to Bt56.50 (from Bt57.00), based on a required return of 6.0% (previously 5.9%), reflecting updated macroeconomic assumptions: Rf of 2.07% and MRP of 5.58% (previously 2.27% and 4.43%, respectively).</li></ul>

The valuation metrics suggest maintaining an Outperform rating, with the current share price offering around 30% upside to the new fair value.Meanwhile, the long-term growth outlook remains solid (EPS growth for 2026-27E is expected at a CAGR of 13%), and the tactical risk is neutral.We revise our 12-month fair value (12M FV) to Bt56.50 (from Bt57.00), based on a required return of 6.0% (previously 5.9%), reflecting updated macroeconomic assumptions: Rf of 2.07% and MRP of 5.58% (previously 2.27% and 4.43%, respectively).

Muangthai Capital - Expect YoY and QoQ Growth, Alongside Better Asset Quality