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 and 12-month fair value (12M FV) of THB 117.00, based on a PBV multiple of 2.11x.</li><li>We expect 2Q26E earnings to be supported by a modest recovery in loan growth, while NIM is likely to improve and credit costs normalize after the bank booked additional provisions to address potential risks in 1Q26.</li><li>We forecast TISCO to report 2Q26E net profit of Bt1.8bn, up 9.5% YoY and 3.8% QoQ.</li></ul>

We maintain our “Neutral” rating and 12-month fair value (12M FV) of THB 117.00, based on a PBV multiple of 2.11x.We expect 2Q26E earnings to be supported by a modest recovery in loan growth, while NIM is likely to improve and credit costs normalize after the bank booked additional provisions to address potential risks in 1Q26.We forecast TISCO to report 2Q26E net profit of Bt1.8bn, up 9.5% YoY and 3.8% QoQ.

TISCO Financial Group Plc. (TISCO): 2Q26E Earnings Expected To Grow Both YoY And QoQ