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>While 4Q25 presales were low at 82 rai, more than 1,000 rai from a major data center (DC) client are expected to be booked as presales in 1Q26E.</li><li>We maintain a Buy rating with a 12M FV of Bt5.20 (based on a 5.9% required return), offering 14% upside.</li><li>The company reported a 4Q25 NP of Bt1.45bn (+16% YoY, +128% QoQ).</li></ul>

While 4Q25 presales were low at 82 rai, more than 1,000 rai from a major data center (DC) client are expected to be booked as presales in 1Q26E.We maintain a Buy rating with a 12M FV of Bt5.20 (based on a 5.9% required return), offering 14% upside.The company reported a 4Q25 NP of Bt1.45bn (+16% YoY, +128% QoQ).

WHA CORPORATION Plc. (WHA): Soft 4Q25 Presales As DC Client Delayed To 1Q26E

WHA Corporation

WHA CORPORATION Plc. (WHA): Soft 4Q25 Presales As DC Client Delayed To 1Q26E