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 expect 1Q26E core profit to decline QoQ, lower than our previous estimate of QoQ growth, as the company recognized refinancing fees to reduce financing costs.</li><li>The impact from the Middle East may be less severe than expected, as 2Q26E forward bookings remain strong, supported by a low base last year due to fewer Chinese tourists.</li><li>We maintain our Buy call with a 12M FV of Bt2.88, based on a required return of 6.7%.</li></ul>

We expect 1Q26E core profit to decline QoQ, lower than our previous estimate of QoQ growth, as the company recognized refinancing fees to reduce financing costs.The impact from the Middle East may be less severe than expected, as 2Q26E forward bookings remain strong, supported by a low base last year due to fewer Chinese tourists.We maintain our Buy call with a 12M FV of Bt2.88, based on a required return of 6.7%.

THE ERAWAN GROUP Plc: 1Q26E Slightly Below Prior Expectations Due To Loan Refinancing Costs

Erawan Group

THE ERAWAN GROUP Plc: 1Q26E Slightly Below Prior Expectations Due To Loan Refinancing Costs