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 maintain an Outperform rating and raise the fair value to Bt39.00, based on a required return of 4.0% (previously Bt38.75 based on a required return of 3.5%), following an upward revision to the core profit estimates, driven by a stronger outlook.</li><li>This is mainly supported by the Shinkansen segment within the F&amp;B business, which experienced significant growth in 2024 and is expected to continue expanding in 2025-26E.</li><li>As a result, the two- year CAGR has been revised up to +12% (previously +7%), outpacing the industry.</li></ul>

We maintain an Outperform rating and raise the fair value to Bt39.00, based on a required return of 4.0% (previously Bt38.75 based on a required return of 3.5%), following an upward revision to the core profit estimates, driven by a stronger outlook.This is mainly supported by the Shinkansen segment within the F&amp;B business, which experienced significant growth in 2024 and is expected to continue expanding in 2025-26E.As a result, the two- year CAGR has been revised up to +12% (previously +7%), outpacing the industry.

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