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>KTX maintains an Outperform rating and the 12M FV of Bt7.10, based on a required return of 4.0%.</li><li>Our valuation metrics suggest that the current valuation is undervalued, alongside strong recovery prospects in 2025-27E; meanwhile, the tactical parameters are at a neutral level.</li><li>While the 2Q25 result came in below our forecast, we remain positive on the stock, as the recent rally in the dry-bulk index suggests that the impact of US tariffs on the dry-bulk shipping industry is limited.</li></ul>

KTX maintains an Outperform rating and the 12M FV of Bt7.10, based on a required return of 4.0%.Our valuation metrics suggest that the current valuation is undervalued, alongside strong recovery prospects in 2025-27E; meanwhile, the tactical parameters are at a neutral level.While the 2Q25 result came in below our forecast, we remain positive on the stock, as the recent rally in the dry-bulk index suggests that the impact of US tariffs on the dry-bulk shipping industry is limited.

Precious Shipping - Lower-Than-Expected Core Profit in 2Q25