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 cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.</li><li>We downgrade to Neutral (from Outperform) and lower our 2026E FV to Bt9.00 based on a 9.4% required return (previously Bt13.60/8.1%), as upside from the current valuation has narrowed to 9% and the 2Y core EPS CAGR of -15% trails the sector.</li><li>We expect 4Q25E earnings to improve QoQ on seasonality, though rising risk remains from the free-float increasing to 19% of paid-up capital (from 7%) starting 4 Feb 2026.</li></ul>

We cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.We downgrade to Neutral (from Outperform) and lower our 2026E FV to Bt9.00 based on a 9.4% required return (previously Bt13.60/8.1%), as upside from the current valuation has narrowed to 9% and the 2Y core EPS CAGR of -15% trails the sector.We expect 4Q25E earnings to improve QoQ on seasonality, though rising risk remains from the free-float increasing to 19% of paid-up capital (from 7%) starting 4 Feb 2026.

Thai Airways International Plc. (THAI): Increasing Risks Due To Delays In Fleet Expansion