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 initiate our coverage on THAI with an expectation of an improved core performance following its exit from the rehabilitation plan, driven by enhanced fleet efficiency, reduced related expenses, and the potential resumption of dividend payments.</li><li>Long-term earnings are expected to show a negative CAGR of 32%, underperforming the industry.</li><li>This sluggish growth potential is due to intensified competition, the resumption of debt repayments previously suspended under the rehabilitation plan, and higher capital expenditures in 2026-27E to support the delivery of Boeing 787 Dreamliner (B787) aircraft.</li></ul>

We initiate our coverage on THAI with an expectation of an improved core performance following its exit from the rehabilitation plan, driven by enhanced fleet efficiency, reduced related expenses, and the potential resumption of dividend payments.Long-term earnings are expected to show a negative CAGR of 32%, underperforming the industry.This sluggish growth potential is due to intensified competition, the resumption of debt repayments previously suspended under the rehabilitation plan, and higher capital expenditures in 2026-27E to support the delivery of Boeing 787 Dreamliner (B787) aircraft.

Thai Airways International - To Resume Trading on the SET on August 4, 2025