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

Thai Airways International / Equity Bottom-Up

<ul><li>Although 1Q26 core profit beat our estimate due to lower-thanexpected staff expenses, we expect 2Q26E performance to remain fairly volatile following the increase in jet fuel prices during March–April, before starting to decline in May as the Middle East situation improved.</li><li>We maintain our “Buy” rating and 12M FV of Bt6.80, based on EV/EBITDA of 3.4x, supported by 14% upside and stronger long-term earnings growth than peers. Meanwhile, tactical upside risk remains limited.</li><li>In addition, investors should continue to monitor the remaining 75% of debt-to-equity conversion shares, which will become eligible for trading again in August 2026.</li></ul>

Although 1Q26 core profit beat our estimate due to lower-thanexpected staff expenses, we expect 2Q26E performance to remain fairly volatile following the increase in jet fuel prices during March–April, before starting to decline in May as the Middle East situation improved.We maintain our “Buy” rating and 12M FV of Bt6.80, based on EV/EBITDA of 3.4x, supported by 14% upside and stronger long-term earnings growth than peers. Meanwhile, tactical upside risk remains limited.In addition, investors should continue to monitor the remaining 75% of debt-to-equity conversion shares, which will become eligible for trading again in August 2026.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): 1Q26 Core Profit Declined YoY...