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>NP / core profit was 7% / 4% below our estimates.</li><li>KTX downgraded the rating to Neutral from Buy, with a 2026E fair value of Bt20.35 based on a required return of 5.35% (PER ~18.7x).</li><li>Expected QoQ margin expansion in 1Q26E appears largely priced in after a share price rally of over 30% since December 2025.</li></ul>

NP / core profit was 7% / 4% below our estimates.KTX downgraded the rating to Neutral from Buy, with a 2026E fair value of Bt20.35 based on a required return of 5.35% (PER ~18.7x).Expected QoQ margin expansion in 1Q26E appears largely priced in after a share price rally of over 30% since December 2025.

SCG PACKAGING Plc. (SCGP): NP/コア利益は当社予想を7%/4%下回りました

SCG Packaging

SCG PACKAGING Plc. (SCGP): NP/コア利益は当社予想を7%/4%下回りました