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 with a new FV of Bt156.50, based on 1.04x PBV (previously Bt160.40, 1.07x).</li><li>The stock offers ~14% upside to FV, with long-term earnings growth of 3.7% CAGR in 2026–28E broadly in line with peers, though tactical upside remains very limited as PBV is near +2 S.D. of its 180-day average.</li><li>SCB reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~6% below expectations due to higher provisions.</li></ul>

We maintain an Outperform rating with a new FV of Bt156.50, based on 1.04x PBV (previously Bt160.40, 1.07x).The stock offers ~14% upside to FV, with long-term earnings growth of 3.7% CAGR in 2026–28E broadly in line with peers, though tactical upside remains very limited as PBV is near +2 S.D. of its 180-day average.SCB reported 4Q25 net profit of Bt10.3bn (-4.5% YoY, -20.1% QoQ), ~6% below expectations due to higher provisions.

SCB X Plc. (SCB): Slight Earnings Miss on Extra Provisions