Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

<ul>
<li>We maintain our Outperform rating with a target price of Bt71.75, based on an earnings yield of 2.3%.</li>
<li>We remain positive on the fundamentals due to the market price implying significant upside of +32% to the target price.</li>
<li>We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.</li>
</ul>


We maintain our Outperform rating with a target price of Bt71.75, based on an earnings yield of 2.3%.
We remain positive on the fundamentals due to the market price implying significant upside of +32% to the target price.
We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.


Airports of Thailand - 1QFY25 Earnings Slightly Lower than Expected

<ul><li>We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.</li><li>We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.</li><li>KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. </li></ul>

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the 3rd runway operations.We maintain an Outperform recommendation with a 12-month forward fair value of Bt71.75, based on an earnings yield of 2.3%.KTXs valuation metrics indicate a Buy recommendation on the back of the fundamentals, with 27% upside from the fair value. 

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

Thematic (Sector/Industry)

<ul><li>The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.</li><li>The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.</li><li>We therefore continue to expect the index to move sideways to slightly upward.</li></ul>

The surge in the Dow Jones lifted sentiment across Asian bourses, but the SET continued to trade within a narrow range.The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect the index to move sideways to slightly upward.

Krungthai XSpring Technical Eng. December 15, 2025

<ul><li>Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.</li><li>The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.</li><li>We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.</li></ul>

Although the market lacked supporting catalysts and investors awaited the upcoming Fed meeting — along with a market holiday — the SET still managed to rebound and stay in positive territory throughout the day.The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a continued move toward the 1,300-point level.We expect the index to continue rising, though the upside may remain limited until trading volume becomes more substantial.

Krungthai XSpring Technical Eng. December 11, 2025

<ul><li>The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.</li><li>The index pulled back toward the support at 1,260 and 1,250 points.</li><li>We expect the 1,260–1,250 support zone to continue providing a base for rebounds.</li></ul>

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.The index pulled back toward the support at 1,260 and 1,250 points.We expect the 1,260–1,250 support zone to continue providing a base for rebounds.

Krungthai XSpring Technical Eng. December 9, 2025

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Airports of Thailand - 1QFY25 Earnings Slightly Lower than Expected

We maintain our view expecting strong long-term growth, with an FY25-27E EPS CAGR of +14%, outperforming the industry average of +8%.

Krungthai XSpring

Airports of Thailand - Expect Strong 1QFY25E Earnings Growth...

We expect core profit in 1QFY25E and FY2025E to grow significantly, driven by an increase in passenger movements and the full-year benefit of the...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 15, 2025

The index attempted to rebound but later retreated amid thin trading volume and a lack of new positive catalysts.We therefore continue to expect...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 11, 2025

The index rebounded from the 1,260-point support level, reinforcing the strength of the 1,260–1,250 support zone and signaling potential for a...

Krungthai XSpring

Krungthai XSpring Technical Eng. December 9, 2025

The SET initially attempted to rebound but later reversed as DELTA, banking, and energy stocks declined, while AOT held steady.

Krungthai XSpring

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