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 upgrade our rating to Buy (from Neutral) with a new 12M forward fair value (FV) of Bt8.15, based on a 6.2% required return, implying 16.2x PER (previously Bt7.10 based on a 4.0% required return).</li><li>PSL posted a 4Q25 net profit of Bt345mn (+38% YoY, +37% QoQ). Excluding extraordinary items, core profit was Bt373mn (+65% YoY, +41% QoQ), driven by a higher average TC rate of USD14,301/day (+17% YoY, +7% QoQ), lifting revenue 9% YoY and 10% QoQ to Bt1,590mn.</li><li>KTX raises our 2026–27E net profit forecasts for PSL by 34% and 1% to Bt775mn and Bt847mn, respectively, driven mainly by a 4–6% increase in TC rate assumptions. This lifts 2026–27E GPM by 3.8 and 1.0 ppts to 31.5% and 31.9%.</li></ul>

We upgrade our rating to Buy (from Neutral) with a new 12M forward fair value (FV) of Bt8.15, based on a 6.2% required return, implying 16.2x PER (previously Bt7.10 based on a 4.0% required return).PSL posted a 4Q25 net profit of Bt345mn (+38% YoY, +37% QoQ). Excluding extraordinary items, core profit was Bt373mn (+65% YoY, +41% QoQ), driven by a higher average TC rate of USD14,301/day (+17% YoY, +7% QoQ), lifting revenue 9% YoY and 10% QoQ to Bt1,590mn.KTX raises our 2026–27E net profit forecasts for PSL by 34% and 1% to Bt775mn and Bt847mn, respectively, driven mainly by a 4–6% increase in TC rate assumptions. This lifts 2026–27E GPM by 3.8 and 1.0 ppts to 31.5% and 31.9%.

プレシャス・シッピング社（PSL）：2026年第1四半期は季節的には前四半期比で鈍化するものの、前年同期比では力強く回復する見込み

Precious Shipping

プレシャス・シッピング社（PSL）：2026年第1四半期は季節的には前四半期比で鈍化するものの、前年同期比では力強く回復する見込み