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>2Q25 core profit was weak as expected, which we continue to view as the year’s trough. We expect 3Q25E core profit to improve QoQ as Chinese tourists, the main revenue driver, begin to return.</li><li>We upgrade our rating to Neutral (from Underperform) with a more positive fundamental view, given 13% upside to our 12M fair value, which we raise to Bt2.84 based on a required return of 5.7%, following the macro factor adjustment of our house view’s MRP to 5.26% (previously FV at Bt2.34, a required return of 6.8%, and an MRP of 6.83%).</li><li>However, we remain negative on long-term EPS growth, which is expected to contract at a -2% CAGR, weaker than the sector, due to the planned renovation of the Grand Hyatt Erawan (GHE) from 4Q25-2026E, along with the unresolved GHE lease renewal acting as an overhang. We also see very limited upside risk from a tactical perspective.</li></ul>

2Q25 core profit was weak as expected, which we continue to view as the year’s trough. We expect 3Q25E core profit to improve QoQ as Chinese tourists, the main revenue driver, begin to return.We upgrade our rating to Neutral (from Underperform) with a more positive fundamental view, given 13% upside to our 12M fair value, which we raise to Bt2.84 based on a required return of 5.7%, following the macro factor adjustment of our house view’s MRP to 5.26% (previously FV at Bt2.34, a required return of 6.8%, and an MRP of 6.83%).However, we remain negative on long-term EPS growth, which is expected to contract at a -2% CAGR, weaker than the sector, due to the planned renovation of the Grand Hyatt Erawan (GHE) from 4Q25-2026E, along with the unresolved GHE lease renewal acting as an overhang. We also see very limited upside risk from a tactical perspective.

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