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>With the upward revision of our 2025–27E core profit estimates, we raise our fair value to Bt13.60, based on the same required return of 8.1%, and upgrade our rating to Underperform (from Bt10.00 and Sell).</li><li>However, we maintain the view that long-term performance will contract at a CAGR of -22%, weaker than the industry, given expectations of intensified competition in international routes starting from late 2026E and higher costs from the gradual delivery of new aircraft, including A321NEO and B787 models.</li><li>In the short term, the share price is likely to remain volatile due to the low free float of just 7% during the first six months (Aug. 2025-Feb. 2026).</li></ul>

With the upward revision of our 2025–27E core profit estimates, we raise our fair value to Bt13.60, based on the same required return of 8.1%, and upgrade our rating to Underperform (from Bt10.00 and Sell).However, we maintain the view that long-term performance will contract at a CAGR of -22%, weaker than the industry, given expectations of intensified competition in international routes starting from late 2026E and higher costs from the gradual delivery of new aircraft, including A321NEO and B787 models.In the short term, the share price is likely to remain volatile due to the low free float of just 7% during the first six months (Aug. 2025-Feb. 2026).

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Higher Profit Reflects Stronger Baht And Upbeat