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

Regional Container Line / Equity Bottom-Up

<ul><li>The share price now offers a 35% upside to the new FV of Bt35.00 (a required return of 12.68%), implying a target PER of 7.9x.</li><li>RCL reported 3Q25 net profit of Bt2,301mn (–44% YoY from last year’s upcycle, +15% QoQ), reflecting resilient average freight rates.</li><li>KTX raised RCL’s 2025–27E profit forecasts by 25%, 18%, and 9% to Bt7,564mn, Bt2,953mn, and Bt2,568mn, respectively, mainly on higher average freight rate assumptions (+5.1%, +1.1%, +0.3%) and a stronger baht (Bt33.0/USD, +4% in 2025E).</li></ul>

The share price now offers a 35% upside to the new FV of Bt35.00 (a required return of 12.68%), implying a target PER of 7.9x.RCL reported 3Q25 net profit of Bt2,301mn (–44% YoY from last year’s upcycle, +15% QoQ), reflecting resilient average freight rates.KTX raised RCL’s 2025–27E profit forecasts by 25%, 18%, and 9% to Bt7,564mn, Bt2,953mn, and Bt2,568mn, respectively, mainly on higher average freight rate assumptions (+5.1%, +1.1%, +0.3%) and a stronger baht (Bt33.0/USD, +4% in 2025E).

REGIONAL CONTAINER LINES Plc. (RCL): 3Q25 Profit Strong...