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 a neutral rating with a 12M FV of Bt117.00, based on 2.11x PBV.</li><li>Higher provisions to cushion energy price risks, alongside a selective growth strategy focused on low-yield loans, are offset by easing rate trends and tight cost control—supporting a dividend yield of ~6-7% in 2026-28E.</li><li>TISCO reported 1Q26 net profit of Bt1.73bn, +5.5% YoY and +5.6% QoQ, beating our and consensus estimates by 5%.</li></ul>

We maintain a neutral rating with a 12M FV of Bt117.00, based on 2.11x PBV.Higher provisions to cushion energy price risks, alongside a selective growth strategy focused on low-yield loans, are offset by easing rate trends and tight cost control—supporting a dividend yield of ~6-7% in 2026-28E.TISCO reported 1Q26 net profit of Bt1.73bn, +5.5% YoY and +5.6% QoQ, beating our and consensus estimates by 5%.

TISCO Financial Group Plc. (TISCO): Strong PPOP With Proactive Provisioning To Cushion Risks