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>2Q26 core profit was in line with our forecast but beat market expectations, supported by effective cost management and the recognition of operating profit excluding tax income.</li><li>We maintain our Outperform rating and 12-month FV of Bt7.10, based on EV/EBITDA of 3.4x (-0.5 S.D.).</li><li>We believe earnings bottomed in 2Q26 and should gradually recover in 2H26E as fuel-cost pressure eases and the company enters the high season toward year-end.</li></ul>

2Q26 core profit was in line with our forecast but beat market expectations, supported by effective cost management and the recognition of operating profit excluding tax income.We maintain our Outperform rating and 12-month FV of Bt7.10, based on EV/EBITDA of 3.4x (-0.5 S.D.).We believe earnings bottomed in 2Q26 and should gradually recover in 2H26E as fuel-cost pressure eases and the company enters the high season toward year-end.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): 2Q26 Core Profit Met Our Forecast but Beat Market Expectations – Outperform (12M FWD Fair Value Bt7.10)