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 “Buy” call on AURA, with a 2026E fair value of Bt16.70, based on a required return of 6.93%, implying a target PER of 14.4x.</li><li>AURA’s 3Q25E net profit is estimated at Bt247mn (+21% YoY, –32% QoQ), supported by branch expansion and gold-backed loan growth but weighed by seasonality.</li><li>The QoQ earnings softness is seasonal, as 3Q is typically the weakest quarter before entering the high season in 4Q and continuing into 1Q.</li></ul>

We maintain our “Buy” call on AURA, with a 2026E fair value of Bt16.70, based on a required return of 6.93%, implying a target PER of 14.4x.AURA’s 3Q25E net profit is estimated at Bt247mn (+21% YoY, –32% QoQ), supported by branch expansion and gold-backed loan growth but weighed by seasonality.The QoQ earnings softness is seasonal, as 3Q is typically the weakest quarter before entering the high season in 4Q and continuing into 1Q.

AURORA DESIGN Plc. (AURA): Expect 3Q25E Up YoY, Softer QoQ On Seasonality

<ul><li>We initiate coverage on AURA with a Buy rating and a 2026E fair value of Bt16.70, based on a required return of 6.93%, implying a target PER of 14.4x.</li><li>AURA is a leading gold jewelry retailer under the brands Aurora, Seng Heng, and Aurora Diamond, and also provides financial services through its gold-backed lending business “Thong Ma Ngern Pai.”</li><li>Currently, AURA is the largest gold retailer in Thailand by number of branches.</li></ul>

We initiate coverage on AURA with a Buy rating and a 2026E fair value of Bt16.70, based on a required return of 6.93%, implying a target PER of 14.4x.AURA is a leading gold jewelry retailer under the brands Aurora, Seng Heng, and Aurora Diamond, and also provides financial services through its gold-backed lending business “Thong Ma Ngern Pai.”Currently, AURA is the largest gold retailer in Thailand by number of branches.

AURORA DESIGN Plc. (AURA): Leading Gold Retailer Tapping Into A Vast Market

Thailand

Aurora Design Public Company Limited designs and manufactures jewelry products. The Company serves customers in Thailand.

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