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>3Q25E core profit is expected to show the strongest YoY and QoQ growth in the sector, supported by continued improvement in international patient revenue and a QoQ decline in SG&amp;A-to-sales, reflecting the impact of increased marketing activity in 2Q25.</li><li>We raise our 2026 FV slightly to Bt25.50, based on a required return of 4.5%, incorporating updated macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt24.70, which was based on a required return of 4.6%, an Rf of 1.48%, and an MRP of 5.26%.</li><li>However, we downgrade our rating to Outperform (from “Buy”), with the share price rising 6% since our previous analysis (September 15), reducing the upside to 8%, and the technical outlook also weakening to Neutral (previously very limited downside risk).</li></ul>

3Q25E core profit is expected to show the strongest YoY and QoQ growth in the sector, supported by continued improvement in international patient revenue and a QoQ decline in SG&amp;A-to-sales, reflecting the impact of increased marketing activity in 2Q25.We raise our 2026 FV slightly to Bt25.50, based on a required return of 4.5%, incorporating updated macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt24.70, which was based on a required return of 4.6%, an Rf of 1.48%, and an MRP of 5.26%.However, we downgrade our rating to Outperform (from “Buy”), with the share price rising 6% since our previous analysis (September 15), reducing the upside to 8%, and the technical outlook also weakening to Neutral (previously very limited downside risk).

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