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 with a 12M forward fair value of Bt33.75, based on a 4.0% required return, implying a target PER of 24.8x.</li><li>Our target price offers 15% upside from the current share price.</li><li>We expect strong earnings growth in 2026E, driven by the turnaround of its Indonesian business.</li></ul>

We maintain our Outperform rating with a 12M forward fair value of Bt33.75, based on a 4.0% required return, implying a target PER of 24.8x.Our target price offers 15% upside from the current share price.We expect strong earnings growth in 2026E, driven by the turnaround of its Indonesian business.

SCG PACKAGING Plc. (SCGP): Strong 2Q26E Earnings on Continued Recovery in Indonesia – Outperform (12M FWD Fair Value Bt33.75)

SCG Packaging

SCG PACKAGING Plc. (SCGP): Strong 2Q26E Earnings on Continued Recovery in Indonesia – Outperform (12M FWD Fair Value Bt33.75)