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>We upgrade our rating to Outperform (previously Neutral), with a new 12-month fair value (FV) of Bt1.80 (up from Bt1.43), based on the earnings yield method with a revised required return of 9.5% (previously 10.7%).</li><li>This follows an upward earnings revision and an adjustment to the beta estimation range under new macro assumptions, including a risk-free rate (Rf) of 1.47% and a market risk premium (MRP) of 6.83% (previously 2.07% and 5.58%, respectively).</li><li>THANI remains the leading player in the truck leasing segment, backed by a solid balance sheet and growth in line with industry trends.</li></ul>

We upgrade our rating to Outperform (previously Neutral), with a new 12-month fair value (FV) of Bt1.80 (up from Bt1.43), based on the earnings yield method with a revised required return of 9.5% (previously 10.7%).This follows an upward earnings revision and an adjustment to the beta estimation range under new macro assumptions, including a risk-free rate (Rf) of 1.47% and a market risk premium (MRP) of 6.83% (previously 2.07% and 5.58%, respectively).THANI remains the leading player in the truck leasing segment, backed by a solid balance sheet and growth in line with industry trends.

Ratchthani Leasing - 2Q25E Earnings to Have Grown Both YoY and QoQ