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 downgrade our rating to Neutral while maintaining the fair value at Bt4.88, based on a required return of 3.9%.</li><li>We remain positive on the fundamentals, as the market price implies a significant upside of 47% to the fair value. However, our tactical outlook remains neutral</li><li>We have a negative view on the long-term performance for 2025- 27E, with a CAGR of -1%, which is lower than the industry average (previously in line with the industry, based on the 2024-26E CAGR of +9%). </li></ul>

We downgrade our rating to Neutral while maintaining the fair value at Bt4.88, based on a required return of 3.9%.We remain positive on the fundamentals, as the market price implies a significant upside of 47% to the fair value. However, our tactical outlook remains neutralWe have a negative view on the long-term performance for 2025- 27E, with a CAGR of -1%, which is lower than the industry average (previously in line with the industry, based on the 2024-26E CAGR of +9%). 

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