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 downgrade our rating to Neutral and maintain the 12-month fair value at Bt1.80, based on a required return of 9.5%, following a roughly 9% increase in the share price since our last report.</li><li>The company’s performance has shown a strong recovery, particularly in asset quality, which has improved noticeably, along with a significant decline in the number of repossessed vehicles.</li><li>THANI reported a 2Q25 net profit of Bt179mn, up 9% YoY and 10% QoQ, in line with our expectations.</li></ul>

We downgrade our rating to Neutral and maintain the 12-month fair value at Bt1.80, based on a required return of 9.5%, following a roughly 9% increase in the share price since our last report.The company’s performance has shown a strong recovery, particularly in asset quality, which has improved noticeably, along with a significant decline in the number of repossessed vehicles.THANI reported a 2Q25 net profit of Bt179mn, up 9% YoY and 10% QoQ, in line with our expectations.

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