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>2Q26 earnings grew both YoY and QoQ, exceeding our expectations, driven by stronger-than-expected gross margin and earnings contributions from affiliates.</li><li>We believe the strongest quarter of 2026 is now behind us.</li><li>We maintain our Neutral rating, as the share price has risen close to our fair value of Bt7.65, based on a required return of 5.8%.</li></ul>

2Q26 earnings grew both YoY and QoQ, exceeding our expectations, driven by stronger-than-expected gross margin and earnings contributions from affiliates.We believe the strongest quarter of 2026 is now behind us.We maintain our Neutral rating, as the share price has risen close to our fair value of Bt7.65, based on a required return of 5.8%.

SIAM GLOBAL HOUSE Plc. (GLOBAL): Stronger GPM Drove 2Q26 Earnings Above Expectations - Neutral (12M FWD Fair Value Bt7.65)

Siam Global House

SIAM GLOBAL HOUSE Plc. (GLOBAL): Stronger GPM Drove 2Q26 Earnings Above Expectations - Neutral (12M FWD Fair Value Bt7.65)