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 2Q25E core profit to decline both YoY and QoQ due to seasonal factors and a slowdown in Chinese tourist arrivals.</li><li>Looking ahead, we anticipate that the performance will remain weak in 2H25E-2026E, as the company begins partial renovations of the Grand Hyatt Erawan (GHE), which remains an overhanging issue owing to its land lease renewal being on a year-to-year basis, with the current lease set to expire in June 2025.</li><li>We maintain our Neutral rating and the fair value of Bt2.58, based on a required return of 6.1%. </li></ul>

We expect 2Q25E core profit to decline both YoY and QoQ due to seasonal factors and a slowdown in Chinese tourist arrivals.Looking ahead, we anticipate that the performance will remain weak in 2H25E-2026E, as the company begins partial renovations of the Grand Hyatt Erawan (GHE), which remains an overhanging issue owing to its land lease renewal being on a year-to-year basis, with the current lease set to expire in June 2025.We maintain our Neutral rating and the fair value of Bt2.58, based on a required return of 6.1%. 

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