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>KTX maintains a BUY call with a 2026E fair value (FV) of Bt20.35, based on a 5.35% required return, implying a PER of 18.7x.</li><li>Our valuation metrics shows the stock is attractive, with the current price offering 11% upside to our FV.</li><li>Earnings should grow at a 12% CAGR in 2025–27E, as 2025E performance remains pressured by losses from the Indonesia business.</li></ul>

KTX maintains a BUY call with a 2026E fair value (FV) of Bt20.35, based on a 5.35% required return, implying a PER of 18.7x.Our valuation metrics shows the stock is attractive, with the current price offering 11% upside to our FV.Earnings should grow at a 12% CAGR in 2025–27E, as 2025E performance remains pressured by losses from the Indonesia business.

SCG PACKAGING Plc. (SCGP): 3Q25 Core/ Net Profit Missed By 4%/9%

SCG Packaging

SCG PACKAGING Plc. (SCGP): 3Q25 Core/ Net Profit Missed By 4%/9%