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 target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of approximately 6%).</li><li> The long-term growth outlook is in line with the industry, with net profit expected to grow at an a CAGR of 5.1% during 2025-27E, supported by a decline in provisions.</li><li>The tactical view is neutral.</li></ul>

We maintain an Outperform rating with a target price of Bt134.00, based on a PBV of 1.94x (derived from a regression model), offering upside of approximately 6%). The long-term growth outlook is in line with the industry, with net profit expected to grow at an a CAGR of 5.1% during 2025-27E, supported by a decline in provisions.The tactical view is neutral.

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