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 an Outperform rating with a new 12M FV of Bt24.00 (from Bt25.00), based on a required return of 9.5% (previously 8.9%), reflecting a revised equity risk premium from regression under an updated time horizon and revised macro assumptions.</li><li>1Q26E earnings are expected to grow strongly, supported by continued loan growth, improving interest spreads, and lower provisioning following elevated reserves in the prior quarter.</li><li>We expect TIDLOR to report 1Q26E net profit of Bt1.35bn (+11.3% YoY, +17.7% QoQ), with results expected on May 7–8, 2026.</li></ul>

We maintain an Outperform rating with a new 12M FV of Bt24.00 (from Bt25.00), based on a required return of 9.5% (previously 8.9%), reflecting a revised equity risk premium from regression under an updated time horizon and revised macro assumptions.1Q26E earnings are expected to grow strongly, supported by continued loan growth, improving interest spreads, and lower provisioning following elevated reserves in the prior quarter.We expect TIDLOR to report 1Q26E net profit of Bt1.35bn (+11.3% YoY, +17.7% QoQ), with results expected on May 7–8, 2026.

TIDLOR HOLDINGS Plc. (TIDLOR): 1Q26E Earnings Growth Remains Strong