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>3Q25 core profit fell YoY as expected but showed early QoQ improvement, which should continue in 4Q25E, driven by the high season and the “Travel Well Get a Refund” scheme.</li><li>We maintain an Outperform rating with a 2026E FV of Bt3.20 (required return 5.1%).</li><li>Catalysts include Hop Inn’s planned expansion into South Korea, with clearer progress expected soon, which should support continued strong Hop Inn revenue growth.</li></ul>

3Q25 core profit fell YoY as expected but showed early QoQ improvement, which should continue in 4Q25E, driven by the high season and the “Travel Well Get a Refund” scheme.We maintain an Outperform rating with a 2026E FV of Bt3.20 (required return 5.1%).Catalysts include Hop Inn’s planned expansion into South Korea, with clearer progress expected soon, which should support continued strong Hop Inn revenue growth.

THE ERAWAN GROUP Plc. (ERW): 3Q25 Core Profit Up QoQ; Strength To Continue In 4Q25E

Erawan Group

THE ERAWAN GROUP Plc. (ERW): 3Q25 Core Profit Up QoQ; Strength To Continue In 4Q25E