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 upgrade to Outperform (from Neutral) with a new 12M forward FV of Bt41.00 (from Bt39.25), based on a lower required return of 9.2% (from 10.7%) following a revised equity risk premium and updated assumptions.</li><li>The new FV implies ~9% upside, with 12M FV driven by earnings growth and the 10-year government bond yield (risk-free rate).</li><li>Tactical risk has shifted to Neutral (from Limited upside) after the share price corrected ~4% since our previous report (Feb 18, 2026).</li></ul>

We upgrade to Outperform (from Neutral) with a new 12M forward FV of Bt41.00 (from Bt39.25), based on a lower required return of 9.2% (from 10.7%) following a revised equity risk premium and updated assumptions.The new FV implies ~9% upside, with 12M FV driven by earnings growth and the 10-year government bond yield (risk-free rate).Tactical risk has shifted to Neutral (from Limited upside) after the share price corrected ~4% since our previous report (Feb 18, 2026).

MUANGTHAI CAPITAL Plc. (MTC): Solid Loan Growth; Standout Asset Quality

Muangthai Capital

MUANGTHAI CAPITAL Plc. (MTC): Solid Loan Growth; Standout Asset Quality