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 an outperform rating with a new 12M forward FV of Bt33.50 (from Bt31.00), based on a required return of 10.8% (from 10.2%), using the equity risk premium approach (previously beta-based) and a revised valuation range.</li><li>The new FV implies ~26% upside, driven by: earnings growth (from a recovery in loan portfolio expansion), lower risk-free rates and equity risk premium.</li><li>D/E of 1.6x, the lowest among large peers, supports loan growth and benefits from a declining rate cycle, underpinning earnings growth of 10.5% (2025–28E).</li></ul>

We maintain an outperform rating with a new 12M forward FV of Bt33.50 (from Bt31.00), based on a required return of 10.8% (from 10.2%), using the equity risk premium approach (previously beta-based) and a revised valuation range.The new FV implies ~26% upside, driven by: earnings growth (from a recovery in loan portfolio expansion), lower risk-free rates and equity risk premium.D/E of 1.6x, the lowest among large peers, supports loan growth and benefits from a declining rate cycle, underpinning earnings growth of 10.5% (2025–28E).

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