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 with a new 12-month fair value (FV) of Bt57.00 (previously Bt62.65), based on a required return of 5.9% (previously 5.6%).</li><li>MTC remains fundamentally attractive, with its current share price offering approximately 32% upside to the new FV of Bt57.00.</li><li>The stock also has the most outstanding long-term growth outlook among title loan players, with average net profit growth of a 14.5% CAGR in 2025-27E, driven by loan portfolio expansion and declining provisioning. Meanwhile, the tactical risk remains neutral.</li></ul>

We maintain our Outperform rating with a new 12-month fair value (FV) of Bt57.00 (previously Bt62.65), based on a required return of 5.9% (previously 5.6%).MTC remains fundamentally attractive, with its current share price offering approximately 32% upside to the new FV of Bt57.00.The stock also has the most outstanding long-term growth outlook among title loan players, with average net profit growth of a 14.5% CAGR in 2025-27E, driven by loan portfolio expansion and declining provisioning. Meanwhile, the tactical risk remains neutral.

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