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>1Q26 core profit beat our estimate by 8%, driven by stronger-than-expected GPM and lower tax expenses.</li><li>We raise our fair value to Bt15.05 using a sum-of-the-parts valuation, combining the earnings yield method for the integrated livestock business and the retail business.</li><li>We upgrade our rating to Buy (from Outperform) with a new fair value of Bt15.05 (from Bt10.20), based on the earnings yield valuation of the integrated meat and retail businesses.</li></ul>

1Q26 core profit beat our estimate by 8%, driven by stronger-than-expected GPM and lower tax expenses.We raise our fair value to Bt15.05 using a sum-of-the-parts valuation, combining the earnings yield method for the integrated livestock business and the retail business.We upgrade our rating to Buy (from Outperform) with a new fair value of Bt15.05 (from Bt10.20), based on the earnings yield valuation of the integrated meat and retail businesses.

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