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 (from Outperform), as the upside to our fair value (FV) has narrowed to just 4%.</li><li>Loan growth is projected to recover at +2.7% YoY and +0.7% QoQ, supported by retail lending—particularly auto hire purchase, in line with improving passenger car demand.</li><li>The dividend yield for 2H25 is 5.1% (XD: April 29, 2026), while the full-year 2026E yield is projected at 6.9%.</li></ul>

We downgrade our rating to Neutral (from Outperform), as the upside to our fair value (FV) has narrowed to just 4%.Loan growth is projected to recover at +2.7% YoY and +0.7% QoQ, supported by retail lending—particularly auto hire purchase, in line with improving passenger car demand.The dividend yield for 2H25 is 5.1% (XD: April 29, 2026), while the full-year 2026E yield is projected at 6.9%.

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