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 “Buy” with a 12-month fair value of Bt2.30, based on a 7.5% required return.</li><li>3Q25 net profit was Bt301mn (+277% YoY, +8% QoQ), 30% above forecast due to lower-than-expected provisions.</li><li>Loan portfolio fell 17% YoY and 4% QoQ). NIM improved slightly QoQ and overall expenses remained stable.</li></ul>

We maintain “Buy” with a 12-month fair value of Bt2.30, based on a 7.5% required return.3Q25 net profit was Bt301mn (+277% YoY, +8% QoQ), 30% above forecast due to lower-than-expected provisions.Loan portfolio fell 17% YoY and 4% QoQ). NIM improved slightly QoQ and overall expenses remained stable.

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