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>Our 4Q25E estimate carries downside risks from (i) raw material provisioning and (ii) weak PMS performance; earnings could fall short if these worsen.</li><li>We maintain an Underperform call with an unchanged FV of Bt15, as the company has yet to deliver a sustained turnaround despite market expectations for a 2H26 recovery.</li><li>The market is pricing a wide earnings range (Bt60–162mn), reflecting the two key risks discussed and leaving the share price vulnerable to earnings-driven volatility.</li></ul>

Our 4Q25E estimate carries downside risks from (i) raw material provisioning and (ii) weak PMS performance; earnings could fall short if these worsen.We maintain an Underperform call with an unchanged FV of Bt15, as the company has yet to deliver a sustained turnaround despite market expectations for a 2H26 recovery.The market is pricing a wide earnings range (Bt60–162mn), reflecting the two key risks discussed and leaving the share price vulnerable to earnings-driven volatility.

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