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>TTB reported 3Q25 net profit of Bt5.3bn (+0.5% YoY, +5.9% QoQ), 8% above our and the market’s estimates, supported by stronger fee income and lower provisions.</li><li>Non-NII rose 23% YoY and 7% QoQ, beating forecasts, driven by robust fee income from mutual funds and the consolidation of TNS (Thanachart Securities).</li><li>We switch to Neutral (from Underperform) with a new 12M TP of Bt2.00 (from Bt1.80), implying an upside of around 9%, consistent with the view that downside risk is now limited from a tactical perspective.</li></ul>

TTB reported 3Q25 net profit of Bt5.3bn (+0.5% YoY, +5.9% QoQ), 8% above our and the market’s estimates, supported by stronger fee income and lower provisions.Non-NII rose 23% YoY and 7% QoQ, beating forecasts, driven by robust fee income from mutual funds and the consolidation of TNS (Thanachart Securities).We switch to Neutral (from Underperform) with a new 12M TP of Bt2.00 (from Bt1.80), implying an upside of around 9%, consistent with the view that downside risk is now limited from a tactical perspective.

TTB: Upbeat Earnings On Solid Non-NII And Lower Provisions

TMBThanachart Bank

TTB: Upbeat Earnings On Solid Non-NII And Lower Provisions