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 rating to Neutral (from Buy), with a new 12M FV of Bt45.0 (from Bt49.08) following our downward revisions to 2025-26E earnings projections.</li>
<li>KTX’s valuation metrics suggest that the current valuation is fully valued after the share price has risen has risen by 9% since our latest report on August 7, 2024.</li>
<li>The tactical view is also weaker (from limited downside to neutral). Meanwhile, the long-term earnings growth prospects are strong</li>
</ul>


We downgrade our rating to Neutral (from Buy), with a new 12M FV of Bt45.0 (from Bt49.08) following our downward revisions to 2025-26E earnings projections.
KTX’s valuation metrics suggest that the current valuation is fully valued after the share price has risen has risen by 9% since our latest report on August 7, 2024.
The tactical view is also weaker (from limited downside to neutral). Meanwhile, the long-term earnings growth prospects are strong


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