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 revised fair value of Bt2.16, based on 0.81x PBV derived from a regression model, implying limited upside of around 6%.</li><li>TTB reported 4Q25 net profit of Bt5.3bn (+5.0% YoY, -1.1% QoQ), broadly in line with our expectations.</li><li>Long-term growth is expected to lag the industry due to tax incentive expiry in 2027E, although TTB should continue proactive capital management through buybacks and high dividends.</li></ul>

We maintain a Neutral rating with a revised fair value of Bt2.16, based on 0.81x PBV derived from a regression model, implying limited upside of around 6%.TTB reported 4Q25 net profit of Bt5.3bn (+5.0% YoY, -1.1% QoQ), broadly in line with our expectations.Long-term growth is expected to lag the industry due to tax incentive expiry in 2027E, although TTB should continue proactive capital management through buybacks and high dividends.

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