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 target price of Bt105.00, based on a PBV of 1.94x (derived from a regression model).</li><li>The long-term growth outlook is weaker than peers, with net profit expected to grow at an average of -1.0% CAGR during 2026-27E due to provisions normalizing to typical levels.</li><li>However, from a tactical perspective, the downside risk is limited.</li></ul>

We maintain a Neutral rating with a target price of Bt105.00, based on a PBV of 1.94x (derived from a regression model).The long-term growth outlook is weaker than peers, with net profit expected to grow at an average of -1.0% CAGR during 2026-27E due to provisions normalizing to typical levels.However, from a tactical perspective, the downside risk is limited.

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