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 our Outperform rating and 12-month forward fair value of Bt33.75, based on a required return of 4.0% (equivalent to 24.8x PER).</li><li>Our target price implies 12% upside from the current share price.</li><li>We expect strong 2026E earnings, driven by the turnaround of its Indonesian operations.</li></ul>

We maintain our Outperform rating and 12-month forward fair value of Bt33.75, based on a required return of 4.0% (equivalent to 24.8x PER).Our target price implies 12% upside from the current share price.We expect strong 2026E earnings, driven by the turnaround of its Indonesian operations.

SCG PACKAGING Plc. (SCGP): 2Q26 Net Profit Beat Our Forecast/Consensus by 15%/20% - Outperform (12M FWD Fair Value Bt33.75)

SCG Packaging

SCG PACKAGING Plc. (SCGP): 2Q26 Net Profit Beat Our Forecast/Consensus by 15%/20% - Outperform (12M FWD Fair Value Bt33.75)