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>3Q25 core profit rose YoY on lower costs but fell QoQ as passenger yield kept weakening. 4Q25E earnings should grow QoQ on high-season demand and strong forward bookings; LT outlook is pressured by higher fleet costs and intense competition. We thus project a 2Y core EPS CAGR at -27%, below peers.</li><li>We maintain an Outperform call with a 2026E FV of Bt13.60 (8.1% required return), supported by 49% upside to current valuation.</li><li>We also believe the 31% drop since October already prices in overhang concerns ahead of the December board election.</li></ul>

3Q25 core profit rose YoY on lower costs but fell QoQ as passenger yield kept weakening. 4Q25E earnings should grow QoQ on high-season demand and strong forward bookings; LT outlook is pressured by higher fleet costs and intense competition. We thus project a 2Y core EPS CAGR at -27%, below peers.We maintain an Outperform call with a 2026E FV of Bt13.60 (8.1% required return), supported by 49% upside to current valuation.We also believe the 31% drop since October already prices in overhang concerns ahead of the December board election.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): 3Q25 Earnings Up QoQ...