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 an Underperform rating with a target price of Bt1.84, based on a PBV of 0.71x (derived from a regression model).</li><li>The long-term growth outlook is weaker than the industry average, with profit growth expected to mark a negative CAGR of -5.1% during 2025-27E due to the expiration of tax benefits.</li><li>From a tactical perspective, the risk is viewed as neutral.</li></ul>

We maintain an Underperform rating with a target price of Bt1.84, based on a PBV of 0.71x (derived from a regression model).The long-term growth outlook is weaker than the industry average, with profit growth expected to mark a negative CAGR of -5.1% during 2025-27E due to the expiration of tax benefits.From a tactical perspective, the risk is viewed as neutral.

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