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

Thematic (Sector/Industry)

South korea Automobiles and components / Thematic (Sector/Industry)

<ul><li>We maintain our Neutral stance on the sector, as tourist arrivals improved in February 2026 on Chinese New Year, with early signs of a recovery in Chinese tourists to Japan.</li><li>The Ministry of Tourism and Sports reported 3.26mn tourist arrivals in February 2026, up 5% YoY, driven by an 82% YoY surge in Chinese visitors, supported by the Chinese New Year holiday and a shift in destination from Japan to Thailand amid China–Japan tensions.</li><li>We expect tourism stocks to be negatively impacted by Middle East tensions and weaker Europe-route arrivals.</li></ul>

We maintain our Neutral stance on the sector, as tourist arrivals improved in February 2026 on Chinese New Year, with early signs of a recovery in Chinese tourists to Japan.The Ministry of Tourism and Sports reported 3.26mn tourist arrivals in February 2026, up 5% YoY, driven by an 82% YoY surge in Chinese visitors, supported by the Chinese New Year holiday and a shift in destination from Japan to Thailand amid China–Japan tensions.We expect tourism stocks to be negatively impacted by Middle East tensions and weaker Europe-route arrivals.

観光・航空：株価急落後、魅力が回復