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 Outperform with a new 12M forward FV of Bt25.00 (from Bt24.00), based on a 8.9% required return (from 8.8%), reflecting revised ERP assumptions and an updated forecast range.</li><li>The company targets 5–10% loan growth and holds a more constructive view on the truck segment (15–18% of the portfolio), which could re-emerge as a key growth driver.</li><li>Funding cost in 2026E is projected to decline to ~2.5%, supported by a downward rate cycle and a higher share of debenture funding following credit rating upgrades to A+ (TRIS) and A- (JCR, Japan).</li></ul>

We maintain Outperform with a new 12M forward FV of Bt25.00 (from Bt24.00), based on a 8.9% required return (from 8.8%), reflecting revised ERP assumptions and an updated forecast range.The company targets 5–10% loan growth and holds a more constructive view on the truck segment (15–18% of the portfolio), which could re-emerge as a key growth driver.Funding cost in 2026E is projected to decline to ~2.5%, supported by a downward rate cycle and a higher share of debenture funding following credit rating upgrades to A+ (TRIS) and A- (JCR, Japan).

TIDLOR Holdings Plc. (TIDLOR): Strong Balance Sheet; Loan Portfolio Growth Resumes