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 currently refrain from assigning any rating on Ngern Tid Lor PCL (NTL), as the stock will be delisted from the SET when Tidlor Holdings PCL (TIDLOR) begins trading in mid-May 2025.</li><li>1Q25 profit grew YoY, supported by lower provisions and loan portfolio growth, while the QoQ growth was driven by seasonal expense declines and reduced. losses from repossessed cars.</li><li>NTL reported a net profit of Bt1.21bn in 1Q25 (+10.3% YoY, +16.6% QoQ), exceeding our and the market's expectations by 12% and 8%, respectively, due to lower-than-expected provisions and expenses.</li></ul>

We currently refrain from assigning any rating on Ngern Tid Lor PCL (NTL), as the stock will be delisted from the SET when Tidlor Holdings PCL (TIDLOR) begins trading in mid-May 2025.1Q25 profit grew YoY, supported by lower provisions and loan portfolio growth, while the QoQ growth was driven by seasonal expense declines and reduced. losses from repossessed cars.NTL reported a net profit of Bt1.21bn in 1Q25 (+10.3% YoY, +16.6% QoQ), exceeding our and the market's expectations by 12% and 8%, respectively, due to lower-than-expected provisions and expenses.

Ngern Tid Lor

Ngern Tid Lor - Improving Asset Quality