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 our rating to Buy (from Outperform) with 19% upside to 2026E fair value of Bt25.50, based on a 4.5% required return, and very limited tactical downside risk.</li><li>3Q25 NP amounted to Bt223mn (+7% YoY, +23% QoQ), in line with our and market forecasts. Results included a Bt32mn one-off rise in employee benefits from revised gold price assumptions for long-service awards. Core profit was Bt255mn (+23% YoY, +40% QoQ).</li><li>4Q25E core profit could be flat YoY and QoQ, as slightly higher revenue will be offset by the absence of tax benefits.</li></ul>

We upgrade our rating to Buy (from Outperform) with 19% upside to 2026E fair value of Bt25.50, based on a 4.5% required return, and very limited tactical downside risk.3Q25 NP amounted to Bt223mn (+7% YoY, +23% QoQ), in line with our and market forecasts. Results included a Bt32mn one-off rise in employee benefits from revised gold price assumptions for long-service awards. Core profit was Bt255mn (+23% YoY, +40% QoQ).4Q25E core profit could be flat YoY and QoQ, as slightly higher revenue will be offset by the absence of tax benefits.

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