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>We hold a neutral view on 3Q25E core profit, expecting YoY growth but a QoQ dip, still within our forecast range.</li><li>We upgrade to Outperform (from Underperform) while keeping the 2026 target price at Bt13.60, based on an 8.1% required return.</li><li>Near-term focus is on appointing new board members and expanding the board to 15, expected to be approved at the Dec-2025 AGM.</li></ul>

We hold a neutral view on 3Q25E core profit, expecting YoY growth but a QoQ dip, still within our forecast range.We upgrade to Outperform (from Underperform) while keeping the 2026 target price at Bt13.60, based on an 8.1% required return.Near-term focus is on appointing new board members and expanding the board to 15, expected to be approved at the Dec-2025 AGM.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): 3Q25E Profit Likely In Line...