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>At its board meeting on February 10, 2026, CENTEL approved the establishment of a joint venture with PTT Oil and Retail Business (OR), either directly or through a wholly owned subsidiary.</li><li>We view this as sentiment-positive, as it broadens the company’s hotel customer base with a relatively modest initial investment of Bt360mn (compared with cash on hand of Bt2.0bn as of 3Q25).</li><li>We maintain a Neutral rating with a fair value of Bt36.00, based on a required return of 4.6%.</li></ul>

At its board meeting on February 10, 2026, CENTEL approved the establishment of a joint venture with PTT Oil and Retail Business (OR), either directly or through a wholly owned subsidiary.We view this as sentiment-positive, as it broadens the company’s hotel customer base with a relatively modest initial investment of Bt360mn (compared with cash on hand of Bt2.0bn as of 3Q25).We maintain a Neutral rating with a fair value of Bt36.00, based on a required return of 4.6%.

CENTEL: OR과 합작 투자 회사를 설립하여 저가 호텔 사업을 운영할 계획

Central Plaza Hotel

CENTEL: OR과 합작 투자 회사를 설립하여 저가 호텔 사업을 운영할 계획