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 maintain a Buy rating, but revise our 12M fair value to Bt4.98 (from Bt5.20), based on a required return of 6.7% (from 5.9%), reflecting our updated macro assumptions and ERP derived from the regression model under a revised timeframe.</li><li>The impact from Middle East tensions remains limited, as demand from DC, EV, and electronics clients continues to support investment in Thailand.</li><li>QoQ, core profit declined due to a high base of land transfers in 4Q25 (including Phase 3 transfers to a large DC client) and the absence of asset sales to WHART.</li></ul>

We maintain a Buy rating, but revise our 12M fair value to Bt4.98 (from Bt5.20), based on a required return of 6.7% (from 5.9%), reflecting our updated macro assumptions and ERP derived from the regression model under a revised timeframe.The impact from Middle East tensions remains limited, as demand from DC, EV, and electronics clients continues to support investment in Thailand.QoQ, core profit declined due to a high base of land transfers in 4Q25 (including Phase 3 transfers to a large DC client) and the absence of asset sales to WHART.

WHAコーポレーション（WHA）：第1四半期（2026年）のコア利益は、高額な移管ベースの影響で前年同期比および前四半期比で減少する見込み

WHA Corp Pcl

WHAコーポレーション（WHA）：第1四半期（2026年）のコア利益は、高額な移管ベースの影響で前年同期比および前四半期比で減少する見込み