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>We expect FX gains to support reported net profit in 1Q26E, but core profit to decline YoY and QoQ due to higher expenses (SG&amp;A and tax) and smaller project development fee.</li><li>We downgrade to Neutral with a 12M FV of Bt14.2 (required return: 4.4%) from Outperform (FV: Bt15.50), on narrowing upside and a weaker 2026–28E core EPS growth profile (+7.3% CAGR), which lags peers.</li><li>The company targets increasing the share of gas-linked formula customers to 25–30% by 2028–29E to mitigate risks from government intervention in electricity tariffs.</li></ul>

We expect FX gains to support reported net profit in 1Q26E, but core profit to decline YoY and QoQ due to higher expenses (SG&amp;A and tax) and smaller project development fee.We downgrade to Neutral with a 12M FV of Bt14.2 (required return: 4.4%) from Outperform (FV: Bt15.50), on narrowing upside and a weaker 2026–28E core EPS growth profile (+7.3% CAGR), which lags peers.The company targets increasing the share of gas-linked formula customers to 25–30% by 2028–29E to mitigate risks from government intervention in electricity tariffs.

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