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>4Q25E earnings are expected to fall YoY and QoQ, with 1Q26E entering a low season.</li><li>Valuation metrics suggest up to 18% downside to the 12M forward FV of Bt10.30, based on an earnings-yield approach with a 9.6% required return.</li><li>1Q26E would be a low season, with ongoing headwinds from weaker US demand amid intensified competition following price hikes (reflecting US tariffs) and tuna costs rising faster than selling prices.</li></ul>

4Q25E earnings are expected to fall YoY and QoQ, with 1Q26E entering a low season.Valuation metrics suggest up to 18% downside to the 12M forward FV of Bt10.30, based on an earnings-yield approach with a 9.6% required return.1Q26E would be a low season, with ongoing headwinds from weaker US demand amid intensified competition following price hikes (reflecting US tariffs) and tuna costs rising faster than selling prices.

Thai Union Group Plc. (TU): 4Q25E Profit Down; 1Q26E Challenging