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>4Q25 and 2025 earnings declined YoY due to higher operating expenses.</li><li>Valuation metrics: We upgrade to Neutral (from Underperform) as the share price offers 2% upside to our new Bt12.60 fair value, based on an 8.3% required return (previously 10.3%/9.6%).</li><li>1Q26E is expected to be a low season, with added challenges in the US market from intensified competition following price hikes (reflecting US tariffs).</li></ul>

4Q25 and 2025 earnings declined YoY due to higher operating expenses.Valuation metrics: We upgrade to Neutral (from Underperform) as the share price offers 2% upside to our new Bt12.60 fair value, based on an 8.3% required return (previously 10.3%/9.6%).1Q26E is expected to be a low season, with added challenges in the US market from intensified competition following price hikes (reflecting US tariffs).

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