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>4Q25 and FY2025 profit declined YoY due to negative SSSG (-4.88% and -6.24%) and higher SG&amp;A-to-sales.</li><li>KTX maintains a 2-year profit growth outlook of a 9% CAGR, assuming SSSG of 0% and +1–2% in 2026–28E.</li><li>Jan–Feb 2026 SSSG has been pressured by the absence of the E-receipt scheme, with January at -3%.</li></ul>

4Q25 and FY2025 profit declined YoY due to negative SSSG (-4.88% and -6.24%) and higher SG&amp;A-to-sales.KTX maintains a 2-year profit growth outlook of a 9% CAGR, assuming SSSG of 0% and +1–2% in 2026–28E.Jan–Feb 2026 SSSG has been pressured by the absence of the E-receipt scheme, with January at -3%.

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