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 downgrade TTB to Underperform from Neutral after the share price has rallied 20% MTD lifting its valuation to around 1.2x PBV, above the +2 S.D. level of its 180-day average.</li><li>We now see around 15% downside to our 12-month fair value of Bt2.52, based on 0.92x PBV.</li><li>We believe the stronger-than-expected 2Q26E earnings have largely been priced in.</li></ul>

We downgrade TTB to Underperform from Neutral after the share price has rallied 20% MTD lifting its valuation to around 1.2x PBV, above the +2 S.D. level of its 180-day average.We now see around 15% downside to our 12-month fair value of Bt2.52, based on 0.92x PBV.We believe the stronger-than-expected 2Q26E earnings have largely been priced in.

TMBTHANACHART BANK PUBLIC COMPANY LIMITED (TTB): Stronger-Than-Expected Earnings Largely Priced in - Underperform (12M FWD Fair Value Bt2.52)

TMBThanachart Bank

TMBTHANACHART BANK PUBLIC COMPANY LIMITED (TTB): Stronger-Than-Expected Earnings Largely Priced in - Underperform (12M FWD Fair Value Bt2.52)