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 maintain our Outperform rating and 12-month fair value at Bt48.50, based on a required return of 7.2%.</li><li>The current share price offers approximately 26% upside to our target price, supported by a solid long-term growth outlook (with EPS growth projected at a CAGR of 13% annually during 2025-27E) and very limited tactical downside risk.</li><li>2Q25 earnings were in line with expectations, with continued loan growth and sustained asset quality control, as reflected in the ongoing decline in the proportion of Stage 2 and 3 (NPLs) loans.</li></ul>

We maintain our Outperform rating and 12-month fair value at Bt48.50, based on a required return of 7.2%.The current share price offers approximately 26% upside to our target price, supported by a solid long-term growth outlook (with EPS growth projected at a CAGR of 13% annually during 2025-27E) and very limited tactical downside risk.2Q25 earnings were in line with expectations, with continued loan growth and sustained asset quality control, as reflected in the ongoing decline in the proportion of Stage 2 and 3 (NPLs) loans.

Muangthai Capital - In-Line Earnings; Continued NPL Reduction