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>4Q25 net profit grew YoY as expected, driven by continued growth in international patients and higher price intensity.</li><li>YoY growth was driven by 11% revenue growth, supported by a 36% rise in international patient revenue, lifting its contribution to 24% of total revenue (vs 20% in 4Q24).</li><li>We maintain Outperform with a FV of Bt23.40 (required return: 5.3%), implying 11% upside and 2-year EPS CAGR of 5%, outperforming peers. Tactical upside is very limited.</li></ul>

4Q25 net profit grew YoY as expected, driven by continued growth in international patients and higher price intensity.YoY growth was driven by 11% revenue growth, supported by a 36% rise in international patient revenue, lifting its contribution to 24% of total revenue (vs 20% in 4Q24).We maintain Outperform with a FV of Bt23.40 (required return: 5.3%), implying 11% upside and 2-year EPS CAGR of 5%, outperforming peers. Tactical upside is very limited.

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