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>1Q25E profit is expected to have recovered QoQ, supported by a decline in the impairment of foreclosed assets (repossessed vehicles) and lower provisioning.</li><li>The valuation metrics suggest maintaining a Neutral recommendation, with a neutral view on both the current fundamentals and the tactical outlook.</li><li>Meanwhile, the long-term growth outlook remains intact (with profit growth projected at a CAGR of 10% in 2026-2027E).</li></ul>

1Q25E profit is expected to have recovered QoQ, supported by a decline in the impairment of foreclosed assets (repossessed vehicles) and lower provisioning.The valuation metrics suggest maintaining a Neutral recommendation, with a neutral view on both the current fundamentals and the tactical outlook.Meanwhile, the long-term growth outlook remains intact (with profit growth projected at a CAGR of 10% in 2026-2027E).

Ratchthani Leasing - Asset Quality to Improve Further in 1Q25E