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>4Q25E core profit is expected to rise YoY but edge down QoQ, in line with expectations.</li><li>Valuation metrics imply up to 24% upside to Bt23.40 on ~5% long-term CAGR, in line with peers.</li><li>The 12M fair value is mainly driven by declining ERP and risk-free rates on a more constructive long-term outlook.</li></ul>

4Q25E core profit is expected to rise YoY but edge down QoQ, in line with expectations.Valuation metrics imply up to 24% upside to Bt23.40 on ~5% long-term CAGR, in line with peers.The 12M fair value is mainly driven by declining ERP and risk-free rates on a more constructive long-term outlook.

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