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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.</li><li>The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.</li></ul>

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest rate fell from 4.6% in 3Q24 to 4.2% in 3Q25.The policy rate cut from 2.50% in 3Q24 to 1.50% in 3Q25 has filtered through to listed companies, lowering their effective interest rate from its peak of 4.6% in 3Q24 to 4.2% in 3Q25.The time-interest-earned (TIE) ratio, calculated as EBIT divided by interest expenses, rose from 2.4x in 4Q24 to 3.4x in 3Q25, while financial leverage declined from 1.7x in 4Q24 to 1.4x in 2Q25.

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Thailand

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BTS Group Holdings PCL (BTS-W4 TB)

Special Report - Lower Rates Lift SET 20063 EPS; Top Picks: GULF, BCPG, EGCO, LH

Over a year of declining interest rates has saved SET-listed companies more than Bt14bn per quarter in interest expenses, as the effective interest...

Krungthai XSpring

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