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

<ul>
<li>2Q26 earnings increased YoY and QoQ, beating our forecast on stronger-than-expected GPM and other income.</li>
<li>This lifted 1H26 core profit to Bt2.2bn (+23% YoY), accounting for 52% of our 2026E forecast.</li>
<li>We downgrade our valuation-based our rating to Neutral (from Outperform), as the share price has risen 8% over the past month, leaving only 4% upside to our fair value of Bt13.30, based on a required return of 7.6%.</li>
</ul>


2Q26 earnings increased YoY and QoQ, beating our forecast on stronger-than-expected GPM and other income.
This lifted 1H26 core profit to Bt2.2bn (+23% YoY), accounting for 52% of our 2026E forecast.
We downgrade our valuation-based our rating to Neutral (from Outperform), as the share price has risen 8% over the past month, leaving only 4% upside to our fair value of Bt13.30, based on a required return of 7.6%.


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