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

Thematic (Sector/Industry)

Thailand Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Although 3Q25E core profit is expected to decline YoY due to last year’s high tourist base and QoQ on seasonality, we are beginning to see signs of recovery in tourism.</li><li>We believe this will support a stronger acceleration in arrivals in 4Q25E.</li><li>We maintain our estimate of total arrivals at 33.9mn, down 5% YoY.</li></ul>

Although 3Q25E core profit is expected to decline YoY due to last year’s high tourist base and QoQ on seasonality, we are beginning to see signs of recovery in tourism.We believe this will support a stronger acceleration in arrivals in 4Q25E.We maintain our estimate of total arrivals at 33.9mn, down 5% YoY.

Tourism & Leisure: Tourist Recovery Signs Emerging, But Share Prices Already Priced In