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 upgrade our rating to Outperform (from Neutral). The share price declined more than 10% since our March report, creating an +11% upside to our unchanged fair value of Bt1.56 (based on a 15.0% required return).</li><li>While we anticipate 1Q26E earnings to soften YoY and QoQ, earnings are set to improve throughout the year driven by accelerating transfers and stricter cost management.</li><li>These factors lead to 8% YoY core profit growth for 2026E.</li></ul>

We upgrade our rating to Outperform (from Neutral). The share price declined more than 10% since our March report, creating an +11% upside to our unchanged fair value of Bt1.56 (based on a 15.0% required return).While we anticipate 1Q26E earnings to soften YoY and QoQ, earnings are set to improve throughout the year driven by accelerating transfers and stricter cost management.These factors lead to 8% YoY core profit growth for 2026E.

SANSIRI Plc. (SIRI): Solid Presales; Weak 1Q26E Profit, Acceleration Ahead

Sansiri Public

SANSIRI Plc. (SIRI): Solid Presales; Weak 1Q26E Profit, Acceleration Ahead