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 a Neutral rating. Our valuation metrics indicate fundamental value appeal (with the share price implying about 17% upside to fair value), but this is offset by a neutral tactical view.</li><li>The fair value remains unchanged at Bt1.82, based on a required return of 14.3%, while the stock offers an appealing 8.8% dividend yield over the next 12 months.</li><li>3Q25 presales are expected to be boosted by new condominium launches, with three projects already introduced: The Base Urban Rama 9, Valles Haus in the T77 Community, and Widen by Sansiri on Nang Linchi Road.</li></ul>

We maintain a Neutral rating. Our valuation metrics indicate fundamental value appeal (with the share price implying about 17% upside to fair value), but this is offset by a neutral tactical view.The fair value remains unchanged at Bt1.82, based on a required return of 14.3%, while the stock offers an appealing 8.8% dividend yield over the next 12 months.3Q25 presales are expected to be boosted by new condominium launches, with three projects already introduced: The Base Urban Rama 9, Valles Haus in the T77 Community, and Widen by Sansiri on Nang Linchi Road.

SANSIRI Plc. (SIRI): 3Q25E Earnings Expected to Hold Steady QoQ – Neutral

Sansiri Public

SANSIRI Plc. (SIRI): 3Q25E Earnings Expected to Hold Steady QoQ – Neutral