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 maintain an Outperform rating and the 12M forward fair value of Bt1.77, based on the earnings yield method with a required return of 8.3%.</li>
<li>4Q24 profit (-24% YoY, +54% QoQ) exceeded our forecast by 19%, with asset quality improvement reflected in a larger-than- expected reduction in provisions.</li>
<li>Profit growth for 2025-26E is expected at a CAGR of 18%, driven by declining provisions and a low 2024 profit base. Meanwhile, the tactical downside risk remains very limited.</li>
</ul>


We maintain an Outperform rating and the 12M forward fair value of Bt1.77, based on the earnings yield method with a required return of 8.3%.
4Q24 profit (-24% YoY, +54% QoQ) exceeded our forecast by 19%, with asset quality improvement reflected in a larger-than- expected reduction in provisions.
Profit growth for 2025-26E is expected at a CAGR of 18%, driven by declining provisions and a low 2024 profit base. Meanwhile, the tactical downside risk remains very limited.


Ratchthani Leasing - 4Q24 Profit 19% Above Forecast; Lower Provisions and NPLs