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>2Q26 core profit improved YoY, in line with both market and our expectations, supported by stronger hotel operations.</li>
<li>We downgrade our rating to Neutral from Outperform, as the current share price implies 6% downside to our 12-month FV of Bt3.52, based on a 5.8% required return.</li>
<li>In the near term, we see downside risk following the company's cut to its 2026E revenue growth outlook to 6% from 9%, below our forecast.</li>
</ul>


2Q26 core profit improved YoY, in line with both market and our expectations, supported by stronger hotel operations.
We downgrade our rating to Neutral from Outperform, as the current share price implies 6% downside to our 12-month FV of Bt3.52, based on a 5.8% required return.
In the near term, we see downside risk following the company's cut to its 2026E revenue growth outlook to 6% from 9%, below our forecast.


The Erawan Group Plc. (ERW): Stretched Valuation Amid In-Line 2Q26 Earnings and a Lower Outlook