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 upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).</li><li>The share price offers around 20% upside to the new FV; tactical downside risk is very limited.</li><li>We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.</li></ul>

We upgrade our call to Outperform with a new 12M FV of Bt31.00 (from Bt26.80).The share price offers around 20% upside to the new FV; tactical downside risk is very limited.We also trim interest-spread assumptions by 30–40bps in line with 9M25 trends, resulting in a slight 1.2% cut to 2025E net profit.

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