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>Key earnings headwinds are easing.</li><li>We therefore raise our 2026-27E core profit forecasts and increase our 12-month fair value to Bt7.10 (from Bt6.80), while maintaining our EV/EBITDA multiple of 3.4x (-0.5 S.D.).</li><li>We downgrade our rating to Outperform (from Buy), reflecting a 2026-28E core EPS CAGR of 3%, below the sector average, despite an attractive 27% upside and very limited tactical downside risk.</li></ul>

Key earnings headwinds are easing.We therefore raise our 2026-27E core profit forecasts and increase our 12-month fair value to Bt7.10 (from Bt6.80), while maintaining our EV/EBITDA multiple of 3.4x (-0.5 S.D.).We downgrade our rating to Outperform (from Buy), reflecting a 2026-28E core EPS CAGR of 3%, below the sector average, despite an attractive 27% upside and very limited tactical downside risk.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): 2Q26E CP Exceeds Our Previous Expectations, Supported by Tax Income - Outperform (12M FWD Fair Value Bt7.10)