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>We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).</li><li>Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.</li><li>TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.</li></ul>

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.

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