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

Samart Aviation Solutions Public Co Ltd / Equity Bottom-Up

Samart Aviation Solutions Public Co Ltd (SAV TB)

<ul><li>Based on our valuation metrics, the investment rating is downgraded to Outperform from Buy.</li><li>Earnings are expected to have bottomed in 2Q26 and to accelerate in 2H26E on a recovery in aviation operations.</li><li>Earnings forecasts could see upside potential if expansion into non-aeronautical services progresses.</li></ul>

Based on our valuation metrics, the investment rating is downgraded to Outperform from Buy.Earnings are expected to have bottomed in 2Q26 and to accelerate in 2H26E on a recovery in aviation operations.Earnings forecasts could see upside potential if expansion into non-aeronautical services progresses.

SAMART AVIATION SOLUTIONS Plc. (SAV): 2Q26 Earnings Dip; Clear Path for 2H26E Recovery - Outperform (12M FWD Fair Value Bt14.00)