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 Automobiles and components / Thematic (Sector/Industry)

<ul><li>Tourist arrivals declined 3% YoY in August 2026, as short-haul arrivals continued to fall.</li><li>This reflects a structural shift toward higher-quality tourists from the Middle East, the Americas, and Europe rather than a focus on visitor volumes, supporting sustainable long-term ADR growth.</li><li>We therefore maintain our Neutral rating on the sector.</li></ul>

Tourist arrivals declined 3% YoY in August 2026, as short-haul arrivals continued to fall.This reflects a structural shift toward higher-quality tourists from the Middle East, the Americas, and Europe rather than a focus on visitor volumes, supporting sustainable long-term ADR growth.We therefore maintain our Neutral rating on the sector.

Tourism: Strong 4Q26E Growth Largely Priced In - Neutral