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>Our Outperform rating is retained, with a new 2026E fair value of Bt6.85, based on a required return of 5.7%, reflecting a target PER of 17.6x (from the previous Bt7.80, based on a required return of 5.2%).</li><li>We hold a neutral view on yesterday’s analyst meeting, as the weak 2Q25 earnings were due to lower revenue per outlet in line with sluggish domestic consumption, while the company’s largely fixed cost structure weighed on profitability.</li><li>KTX has revised down our 2025-2027E core profit forecasts by 14%, 10%, and 11% to Bt189mn, Bt237mn, and Bt286mn, respectively, mainly due to adjustments to the revenue, GPM, and SG&amp;A-to-sales assumptions.</li></ul>

Our Outperform rating is retained, with a new 2026E fair value of Bt6.85, based on a required return of 5.7%, reflecting a target PER of 17.6x (from the previous Bt7.80, based on a required return of 5.2%).We hold a neutral view on yesterday’s analyst meeting, as the weak 2Q25 earnings were due to lower revenue per outlet in line with sluggish domestic consumption, while the company’s largely fixed cost structure weighed on profitability.KTX has revised down our 2025-2027E core profit forecasts by 14%, 10%, and 11% to Bt189mn, Bt237mn, and Bt286mn, respectively, mainly due to adjustments to the revenue, GPM, and SG&amp;A-to-sales assumptions.

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