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 an Outperform; rating, and slightly raise 12M FWD fair value to Bt157.00 (from Bt156.50), based on PBV of 1.05x (from 1.07x), reflecting revised macro assumptions with an upward-sloping yield curve and 10Y yield at 1.83% (from 1.23%).</li><li>Earnings may remain subdued from NIM compression; however, a strong CET1 at 17.7% should support an 80% payout, implying ~7% dividend yield p.a. over the next three years.</li><li>We expect SCB’s 1Q26E profit at Bt9.7bn, down 22.4% YoY and 4.3% QoQ.</li></ul>

We maintain an Outperform; rating, and slightly raise 12M FWD fair value to Bt157.00 (from Bt156.50), based on PBV of 1.05x (from 1.07x), reflecting revised macro assumptions with an upward-sloping yield curve and 10Y yield at 1.83% (from 1.23%).Earnings may remain subdued from NIM compression; however, a strong CET1 at 17.7% should support an 80% payout, implying ~7% dividend yield p.a. over the next three years.We expect SCB’s 1Q26E profit at Bt9.7bn, down 22.4% YoY and 4.3% QoQ.

SCB X Plc. (SCB): Profit Expected To Decline In 1Q26E - Outperform