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>Although 2Q25 core profit grew strongly YoY, we expect 3Q25E core profit to rise YoY from a low base but potentially decline QoQ due to higher QTD jet fuel costs and a continued downtrend in the passenger yield, in line with our earlier assessment.</li><li>We therefore maintain our 2025E core profit growth forecast at a +17% YoY, with a gradual decline in 2026-27E due to rising expenses.</li><li>We recommend Sell, with an upward revision of our fair value to Bt10.10, based on a required return of 8.1%, reflecting our revised macro assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt7.60, 10.1%, 1.48%, and 6.83%).</li></ul>

Although 2Q25 core profit grew strongly YoY, we expect 3Q25E core profit to rise YoY from a low base but potentially decline QoQ due to higher QTD jet fuel costs and a continued downtrend in the passenger yield, in line with our earlier assessment.We therefore maintain our 2025E core profit growth forecast at a +17% YoY, with a gradual decline in 2026-27E due to rising expenses.We recommend Sell, with an upward revision of our fair value to Bt10.10, based on a required return of 8.1%, reflecting our revised macro assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt7.60, 10.1%, 1.48%, and 6.83%).

Thai Airways International - Share Price Still Highly Volatile Due to Low Free Float