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 assess the impact of Middle East unrest as lower than expected, as more passengers shift to the company’s direct flights.</li><li>We raise our 2026E core profit forecast by 1% to align with the company’s targets of 5% ASK growth and an 18% operating margin, while lowering the tax expense assumption amid higher fuel costs.</li><li>We maintain the 12M FV at Bt7.00 (required return: 9.7%) but upgrade our rating to Outperform (from Neutral) on 13% upside, despite a 2Y core EPS CAGR of -15%—below the sector—and a neutral tactical outlook.</li></ul>

We assess the impact of Middle East unrest as lower than expected, as more passengers shift to the company’s direct flights.We raise our 2026E core profit forecast by 1% to align with the company’s targets of 5% ASK growth and an 18% operating margin, while lowering the tax expense assumption amid higher fuel costs.We maintain the 12M FV at Bt7.00 (required return: 9.7%) but upgrade our rating to Outperform (from Neutral) on 13% upside, despite a 2Y core EPS CAGR of -15%—below the sector—and a neutral tactical outlook.

Thai Airways International Plc. (THAI): Softer-Than-Expected Impact From Middle East Tensions