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>2Q25 profit fell YoY but recovered QoQ, in line with the sales trend — particularly overseas sales (accounting for 71% of total sales), which declined YoY but improved QoQ.</li><li>The valuation metrics reflect a revised view to neutral on the current fundamentals (previously overvalued), while the tactical view has been lowered to very limited upside risk (previously limited upside risk).</li><li>The new fair value estimate is Bt37.50, based on a required return of 8.5%, reflecting updated macro assumptions of Rf 1.45% and MRP 5.26% (previously Bt32.00, 9.8%, 1.48%, and 6.83%).</li></ul>

2Q25 profit fell YoY but recovered QoQ, in line with the sales trend — particularly overseas sales (accounting for 71% of total sales), which declined YoY but improved QoQ.The valuation metrics reflect a revised view to neutral on the current fundamentals (previously overvalued), while the tactical view has been lowered to very limited upside risk (previously limited upside risk).The new fair value estimate is Bt37.50, based on a required return of 8.5%, reflecting updated macro assumptions of Rf 1.45% and MRP 5.26% (previously Bt32.00, 9.8%, 1.48%, and 6.83%).

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