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

Thai Airways International / Equity Bottom-Up

<ul><li>We expect 4Q25E core profit to decline QoQ, instead of rising on seasonality, due to higher-than-expected staff and maintenance costs.</li><li>We downgrade to Neutral (from Outperform), as the current share price is close to our target FV of Bt7.00, based on a required return of 9.7% (previously Bt9.00 / 9.4%), with limited tactical downside risk.</li><li>We expect limited share price volatility today despite a 23% increase in free float, as we do not anticipate selling pressure from major shareholders, large banks, or the 87 cooperative groups holding THAI shares under an MOU.</li></ul>

We expect 4Q25E core profit to decline QoQ, instead of rising on seasonality, due to higher-than-expected staff and maintenance costs.We downgrade to Neutral (from Outperform), as the current share price is close to our target FV of Bt7.00, based on a required return of 9.7% (previously Bt9.00 / 9.4%), with limited tactical downside risk.We expect limited share price volatility today despite a 23% increase in free float, as we do not anticipate selling pressure from major shareholders, large banks, or the 87 cooperative groups holding THAI shares under an MOU.

타이항공(THAI): 2025년 4분기 핵심 이익, 비용 상승으로 기존 전망치 하회