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 Buy rating with a 12M FWD fair value of Bt37.75, based on a required return of 10.2%.</li><li>1Q26 earnings continued to grow both YoY and QoQ, marking the 12th consecutive quarter of QoQ earnings growth.</li><li>MTC reported 1Q26 net profit of Bt1.8bn, up 16.0% YoY and 2.3% QoQ, broadly in line with our and market expectations.</li></ul>

We maintain our Buy rating with a 12M FWD fair value of Bt37.75, based on a required return of 10.2%.1Q26 earnings continued to grow both YoY and QoQ, marking the 12th consecutive quarter of QoQ earnings growth.MTC reported 1Q26 net profit of Bt1.8bn, up 16.0% YoY and 2.3% QoQ, broadly in line with our and market expectations.

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