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

Krungthai Card (SET:KTC) – Value and Growth Potential in Thai Financials

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>KTC reported 4Q25 NP of Bt2.1bn (+9.9% YoY, +6.3% QoQ), beating our and consensus estimates by ~8%, driven by lower-than-expected provisions and operating expenses.</li><li>Provisions declined (–24.3% YoY, –6.8% QoQ), lowering credit cost to 4.9% (–161 bps YoY, –47 bps QoQ). Asset quality improved, with the NPL ratio at 1.79% (–16 bps YoY, –6 bps QoQ) and coverage remaining high at 425%.</li><li>4Q25 earnings beat expectations, clearly reflecting strong asset quality management, while offering a dividend yield of around 5.4%.</li></ul>

KTC reported 4Q25 NP of Bt2.1bn (+9.9% YoY, +6.3% QoQ), beating our and consensus estimates by ~8%, driven by lower-than-expected provisions and operating expenses.Provisions declined (–24.3% YoY, –6.8% QoQ), lowering credit cost to 4.9% (–161 bps YoY, –47 bps QoQ). Asset quality improved, with the NPL ratio at 1.79% (–16 bps YoY, –6 bps QoQ) and coverage remaining high at 425%.4Q25 earnings beat expectations, clearly reflecting strong asset quality management, while offering a dividend yield of around 5.4%.

크룽타이카드(KTC): 2025년 4분기 실적 예상치 상회; 견고한 자산 건전성