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 with a 12-month fair value (12M FV) of Bt2.25, based on the earnings yield method with a required return of 10.1%.</li><li>The 4Q24 earnings were in line with our and the market expectations.</li><li>Net profit in 2025-26E is expected to grow at an average of 3.4%, below the industry average, as the tax credits are anticipated to be fully utilized by late 2026E amid a projected decline in provisioning.</li></ul>

We maintain an Outperform rating with a 12-month fair value (12M FV) of Bt2.25, based on the earnings yield method with a required return of 10.1%.The 4Q24 earnings were in line with our and the market expectations.Net profit in 2025-26E is expected to grow at an average of 3.4%, below the industry average, as the tax credits are anticipated to be fully utilized by late 2026E amid a projected decline in provisioning.

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