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 downgrade our recommendation to Outperform (from Buy) as our long-term growth outlook for 2026–28E has been revised down to “Below Average” (from Average) following a higher 2026E earnings base.</li><li>New 12M FWD TP is raised to Bt2.20 (from Bt2.18), based on a higher required return of 10.1% (from 9.4%), reflecting updated Equity Risk Premium and macro assumptions, partly offset by earnings upgrades.</li><li>1Q26 earnings highlighted strong asset quality control, with lower provisions and normalized repossessed vehicle inventory. D/E declined to a record low of 1.76x, supporting future growth and an attractive 2026E dividend yield of 6.7%.</li></ul>

We downgrade our recommendation to Outperform (from Buy) as our long-term growth outlook for 2026–28E has been revised down to “Below Average” (from Average) following a higher 2026E earnings base.New 12M FWD TP is raised to Bt2.20 (from Bt2.18), based on a higher required return of 10.1% (from 9.4%), reflecting updated Equity Risk Premium and macro assumptions, partly offset by earnings upgrades.1Q26 earnings highlighted strong asset quality control, with lower provisions and normalized repossessed vehicle inventory. D/E declined to a record low of 1.76x, supporting future growth and an attractive 2026E dividend yield of 6.7%.

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