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>KTX maintains a Neutral rating with a 12M FV of Bt25.80, based on a required return of 8.41%, implying a target PER of 11.9x.</li><li>TVO reported 1Q26 core profit of Bt503mn (-9% YoY, -5% QoQ), around 8% below Bloomberg consensus estimate.</li><li>2Q26E earnings outlook should improve, supported by stabilizing soybean costs.</li></ul>

KTX maintains a Neutral rating with a 12M FV of Bt25.80, based on a required return of 8.41%, implying a target PER of 11.9x.TVO reported 1Q26 core profit of Bt503mn (-9% YoY, -5% QoQ), around 8% below Bloomberg consensus estimate.2Q26E earnings outlook should improve, supported by stabilizing soybean costs.

THAI VEGETABLE OIL Plc. (TVO): 1Q26 Profit Was Stable...

Thai Vegetable Oil

THAI VEGETABLE OIL Plc. (TVO): 1Q26 Profit Was Stable...