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)

Malaysia Automobiles and components / Thematic (Sector/Industry)

<ul><li>Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.</li><li>Tourist arrivals in 2025E are expected to fall 7.3% YoY.</li><li>In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.</li></ul>

Tourist arrivals in 2026–27E are expected to recover gradually, with cautious growth of 4% and 3% YoY, returning to 2024 levels but still below the 2019 peak due to a sluggish Chinese economy, a stronger baht that reduces the impact of government tourism stimulus, and only a small benefit from Chinese tourists shifting destinations amid China–Japan tensions.Tourist arrivals in 2025E are expected to fall 7.3% YoY.In the short term, however, we expect some positive impact from Thailand hosting the 2025 SEA Games during 9–20 December 2025, which should help lift short-haul tourist arrivals.

Tourism: Tourist Arrivals Are Unlikely To Recover In The Near Term. - Neutral