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

Northeast Rubber Public Company Limited / Equity Bottom-Up

Northeast Rubber Public Company Limited (NER TB)

<ul><li>KTX maintains Outperform with a 2025E fair value of Bt5.38, based on a 20.7% required return and target PER of 4.8x.</li><li>The pressure from lower rubber prices and a stronger baht is expected to ease in 4Q25E, while in 2026E, we see weather conditions likely supporting a rebound in rubber prices.</li><li>NER reported 3Q25 net profit of Bt327mn (–10% YoY, –41% QoQ), about 8% below Bloomberg consensus.</li></ul>

KTX maintains Outperform with a 2025E fair value of Bt5.38, based on a 20.7% required return and target PER of 4.8x.The pressure from lower rubber prices and a stronger baht is expected to ease in 4Q25E, while in 2026E, we see weather conditions likely supporting a rebound in rubber prices.NER reported 3Q25 net profit of Bt327mn (–10% YoY, –41% QoQ), about 8% below Bloomberg consensus.

North East Rubber Plc. (NER): Soft 3Q25 Profit On Weaker Margin