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>Valuation metrics maintain “Outperform,” with the current share price offering about 33% upside to our new FV.</li><li>LT growth is average, with expected EPS growth of 13% CAGR (2025–27E) and neutral technical risks.</li><li>We raise our 12M FV to Bt55.50 (from Bt52.00), based on a required return of 6.5% (previously 6.7%), reflecting updated macro assumptions with Rf at 1.04% and MRP at 5.74% (previously 1.48% and 5.26%).</li></ul>

Valuation metrics maintain “Outperform,” with the current share price offering about 33% upside to our new FV.LT growth is average, with expected EPS growth of 13% CAGR (2025–27E) and neutral technical risks.We raise our 12M FV to Bt55.50 (from Bt52.00), based on a required return of 6.5% (previously 6.7%), reflecting updated macro assumptions with Rf at 1.04% and MRP at 5.74% (previously 1.48% and 5.26%).

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