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 a Buy rating with a revised 12M fair value of Bt37.75 (from Bt41.00), based on a higher required return of 10.2% (from 9.2%), reflecting an updated equity risk premium derived from regression analysis under a new time frame and revised macro assumptions.</li><li>1Q26E earnings are expected to grow YoY, supported by continued loan portfolio expansion. Growth is driven by the title loan segment, which has the lowest average ticket size in the industry (with the highest exposure to motorcycle title loans), offering greater flexibility in debt collection.</li><li>We expect MTC to report 1Q26E net profit of Bt1.77bn (+12.7% YoY, -0.6% QoQ), with results scheduled for release on May 12, 2026.</li></ul>

We maintain a Buy rating with a revised 12M fair value of Bt37.75 (from Bt41.00), based on a higher required return of 10.2% (from 9.2%), reflecting an updated equity risk premium derived from regression analysis under a new time frame and revised macro assumptions.1Q26E earnings are expected to grow YoY, supported by continued loan portfolio expansion. Growth is driven by the title loan segment, which has the lowest average ticket size in the industry (with the highest exposure to motorcycle title loans), offering greater flexibility in debt collection.We expect MTC to report 1Q26E net profit of Bt1.77bn (+12.7% YoY, -0.6% QoQ), with results scheduled for release on May 12, 2026.

Muangthai Capital Plc. (MTC): 1Q26E Collection Trends Remain Healthy