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>2Q25 net profit fell YoY but increased QoQ as expected.</li><li>We maintain our Neutral rating and cut our 12-month fair value to Bt7.65 (from Bt8.75) based on a required return of 9.1%, reflecting the earnings downgrade and adjustments to our house view’s MRP.</li><li>PTG reported a 2Q25 net profit of Bt312mn, in line with expectations (-33% YoY, +64% QoQ).</li></ul>

2Q25 net profit fell YoY but increased QoQ as expected.We maintain our Neutral rating and cut our 12-month fair value to Bt7.65 (from Bt8.75) based on a required return of 9.1%, reflecting the earnings downgrade and adjustments to our house view’s MRP.PTG reported a 2Q25 net profit of Bt312mn, in line with expectations (-33% YoY, +64% QoQ).

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