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 Outperform rating and raise our 12-month fair value to Bt26.25 (from Bt24.00), based on a lower required return of 8.9% (from 9.5%).</li><li>We expect 2Q26E earnings to post solid YoY growth, supported by loan portfolio expansion, an improvement in net interest margin, and effective asset quality management.</li><li>However, earnings are likely to decline QoQ due to the unusually low credit cost in 1Q26.</li></ul>

We maintain our Outperform rating and raise our 12-month fair value to Bt26.25 (from Bt24.00), based on a lower required return of 8.9% (from 9.5%).We expect 2Q26E earnings to post solid YoY growth, supported by loan portfolio expansion, an improvement in net interest margin, and effective asset quality management.However, earnings are likely to decline QoQ due to the unusually low credit cost in 1Q26.

TIDLOR HOLDINGS Plc. (TIDLOR): 2Q26E Earnings to Grow YoY but Decline QoQ – Outperform (12M FWD Fair Value Bt26.25)