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>3Q25E core profit is expected to weaken YoY and QoQ due to lower GPM in the IE business.</li><li>We roll forward to a 2026E FV of Bt3.64, based on a 6.9% required return and new assumptions of Rf 1.04% and MRP 5.81% (vs Bt3.78/7.0%/1.45%/5.26% previously).</li><li>We upgrade to Buy (from Outperform) as the 8% MTD share price drop lifts upside to 12%, while downside risk remains limited from a technical perspective.</li></ul>

3Q25E core profit is expected to weaken YoY and QoQ due to lower GPM in the IE business.We roll forward to a 2026E FV of Bt3.64, based on a 6.9% required return and new assumptions of Rf 1.04% and MRP 5.81% (vs Bt3.78/7.0%/1.45%/5.26% previously).We upgrade to Buy (from Outperform) as the 8% MTD share price drop lifts upside to 12%, while downside risk remains limited from a technical perspective.

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