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>THAI reported weak November 2025 aviation statistics, with passenger numbers at 1.36 mn, down 9.8% YoY.</li><li>We maintain our core profit forecasts for 2025–26E at Bt31bn (+38% YoY) and Bt24bn (–23% YoY), respectively.</li><li>We maintain a Neutral rating with a fair value of Bt9.00, based on a required return of 9.4%.</li></ul>

THAI reported weak November 2025 aviation statistics, with passenger numbers at 1.36 mn, down 9.8% YoY.We maintain our core profit forecasts for 2025–26E at Bt31bn (+38% YoY) and Bt24bn (–23% YoY), respectively.We maintain a Neutral rating with a fair value of Bt9.00, based on a required return of 9.4%.

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Numbers And Cabin Factor Declined YoY In November