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 raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.</li><li>We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.</li><li>GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.</li></ul>

We raise 2025-26E forecasts by 26% and 29%, implying 28% YoY profit growth this year—the strongest in the sector.We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.GABLE leads the sector with the highest dividend payout, strongest earnings growth, and lowest P/E and P/BV.

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

<ul><li>3Q25 net profit was Bt114mn (+120% YoY, +50% QoQ), beating expectations by 48% and reaching a two-year high.</li><li>We expect earnings to stay strong in 4Q25, which is the high season and usually the company’s most profitable quarter.</li><li>2025 earnings have upside to our forecast and could reach an all-time high. We will revise estimates after today’s analyst meeting. We keep a Neutral rating with a Bt3.20 FV.</li></ul>

3Q25 net profit was Bt114mn (+120% YoY, +50% QoQ), beating expectations by 48% and reaching a two-year high.We expect earnings to stay strong in 4Q25, which is the high season and usually the company’s most profitable quarter.2025 earnings have upside to our forecast and could reach an all-time high. We will revise estimates after today’s analyst meeting. We keep a Neutral rating with a Bt3.20 FV.

G-ABLE Plc. (GABLE): 2025 Could Mark An All-Time-High Profit Year

<ul><li>GABLE is debt-free and holds cash of over Bt930mn, equivalent to about Bt1.33 per share, or more than 40% of the current share price.</li><li>We expect net profit to be broadly flat this year at Bt239mn (+1% YoY), weighed down by economic weakness and political uncertainty.</li><li>We initiate coverage with a Neutral rating to capture the dividend, at a fair value of Bt3.20, based on a required return of 8.6%.</li></ul>

GABLE is debt-free and holds cash of over Bt930mn, equivalent to about Bt1.33 per share, or more than 40% of the current share price.We expect net profit to be broadly flat this year at Bt239mn (+1% YoY), weighed down by economic weakness and political uncertainty.We initiate coverage with a Neutral rating to capture the dividend, at a fair value of Bt3.20, based on a required return of 8.6%.

G-ABLE Plc. (GABLE): Stable With Standout Dividends – Neutral (12M FWD Fair Value Bt3.20)

Thailand

G-Able Public Company Limited provides information technology solutions. The Company offers cybersecurity, cloud and data center modernization, data and analytics, and managed tech services. G-Able serves customers in Thailand.

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G-Able (GABLE TB)

G-ABLE Plc. (GABLE): The Industry’s Standout – Outperform (12M FWD Fair Value Bt3.60)

We upgrade our rating from Neutral to Outperform with a new FV of Bt3.50 (from Bt3.20), based on a required return of 13.79%, MRP 5.61%, and RF 1.23%.

Krungthai XSpring

G-ABLE Plc. (GABLE): 2025 Could Mark An All-Time-High Profit Year

2025 earnings have upside to our forecast and could reach an all-time high. We will revise estimates after today’s analyst meeting. We keep a...

Krungthai XSpring

G-ABLE Plc. (GABLE): Stable With Standout Dividends – Neutral (12M FWD Fair Value Bt3.20)

GABLE is debt-free and holds cash of over Bt930mn, equivalent to about Bt1.33 per share, or more than 40% of the current share price.

Krungthai XSpring

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