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 maintain our Neutral rating with a new 12-month fair value (12M FV) of Bt16.30 (previously Bt17.20), based on a required return of 10.8% (previously 9.9%), reflecting updated macro assumptions, with an Rf of 1.47% and MRP of 6.83% (previously 2.07% and 5.58%).</li><li>The long-term growth outlook is in line with the industry, with EPS growth expected at a CAGR of 13% during 2025- 27E, while the tactical downside risk remains neutral.</li><li>TIDLOR’s net profit for 2Q25E is expected at Bt1.25bn (+14.7% YoY, +2.8% QoQ), with the company scheduled to announce results on August 7-8, 2025.</li></ul>

We maintain our Neutral rating with a new 12-month fair value (12M FV) of Bt16.30 (previously Bt17.20), based on a required return of 10.8% (previously 9.9%), reflecting updated macro assumptions, with an Rf of 1.47% and MRP of 6.83% (previously 2.07% and 5.58%).The long-term growth outlook is in line with the industry, with EPS growth expected at a CAGR of 13% during 2025- 27E, while the tactical downside risk remains neutral.TIDLOR’s net profit for 2Q25E is expected at Bt1.25bn (+14.7% YoY, +2.8% QoQ), with the company scheduled to announce results on August 7-8, 2025.

Tidlor Holdings - Expect 2Q25E Earnings Growth Both YoY and QoQ...

Ngern Tid Lor

Tidlor Holdings - Expect 2Q25E Earnings Growth Both YoY and QoQ...