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>1Q25E core profit is expected to be unremarkable due to higher tax expenses, and the 2Q25E performance is projected to decline QoQ, driven by seasonal factors and the return of two wet-leased aircraft during late March to April.</li><li>In addition, the absence of new catalysts limits the potential upside, resulting in long-term core EPS growth of just a 4% CAGR — lower than the industry average.</li><li>We maintain a Neutral rating but revise down the fair value to Bt19.00, based on a required return of 10.3%, reflecting our house view’s updated macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt25.25, 8.0%, Rf = 2.27%, and MRP = 4.43%).</li></ul>

1Q25E core profit is expected to be unremarkable due to higher tax expenses, and the 2Q25E performance is projected to decline QoQ, driven by seasonal factors and the return of two wet-leased aircraft during late March to April.In addition, the absence of new catalysts limits the potential upside, resulting in long-term core EPS growth of just a 4% CAGR — lower than the industry average.We maintain a Neutral rating but revise down the fair value to Bt19.00, based on a required return of 10.3%, reflecting our house view’s updated macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt25.25, 8.0%, Rf = 2.27%, and MRP = 4.43%).

バンコク・エアウェイズ - 2025年第1四半期の業績は低調、新たな長期的成長のきっかけなし

Bangkok Airways

バンコク・エアウェイズ - 2025年第1四半期の業績は低調、新たな長期的成長のきっかけなし