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 came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.</li><li>We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.</li><li>We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.</li></ul>

We came away positive from the analyst meeting, as passenger yield is expected to remain high through effective fare and route management.We maintain our Outperform rating and 12M FV of Bt7.10, based on an EV/EBITDA multiple of 3.4x.We expect 3Q26E performance to improve QoQ, driven by a wider RASK-CASK spread, as the benefit from lower jet fuel prices should more than offset a slight decline in passenger yield.

Tenneco Clean Air India Ltd (1880671D IN)

THAI AIRWAYS INTERNATIONAL Plc. (THAI): Passenger Yield to Remain Strong Despite Limited Fare Reductions - Outperform (12M FWD Fair Value Bt7.10)