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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>KTX raises our fair value estimate to Bt11.10 using the earnings yield method, based on a required return of 15.1% under the new macro assumptions of Rf = 1.45% and MRP = 5.26% (previously FV:Bt9.20, required return= 16.1%, Rf=1.48%, MRP = 6.83%).</li><li>2Q25 net profit was Bt642mn, and core profit stood at Bt664mn, 13% above expectations due to a gross profit margin (GPM) that was 80 bps higher than expected and operating expenses to sales that were 50 bps lower than expected.</li><li>The company revised its 2025E guidance, raising the GPM to 15-16% (from 13-14%) and lowering operating expenses to sales ratio to 7.5-8% (from 8-8.5%), while maintaining its sales growth target at 2-3% and capex at Bt1-1.2bn.</li></ul>

KTX raises our fair value estimate to Bt11.10 using the earnings yield method, based on a required return of 15.1% under the new macro assumptions of Rf = 1.45% and MRP = 5.26% (previously FV:Bt9.20, required return= 16.1%, Rf=1.48%, MRP = 6.83%).2Q25 net profit was Bt642mn, and core profit stood at Bt664mn, 13% above expectations due to a gross profit margin (GPM) that was 80 bps higher than expected and operating expenses to sales that were 50 bps lower than expected.The company revised its 2025E guidance, raising the GPM to 15-16% (from 13-14%) and lowering operating expenses to sales ratio to 7.5-8% (from 8-8.5%), while maintaining its sales growth target at 2-3% and capex at Bt1-1.2bn.

GFPT Plc. (GFPT): Upbeat 2Q25 Earnings; Upward Earnings Revision

United States

GAN Limited is a business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, which it licenses to land-based casino operators as a turnkey technology solution for regulated real-money internet gambling.

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GAN (GAN US)

GFPT Plc. (GFPT): Upbeat 2Q25 Earnings; Upward Earnings Revision

KTX raises our fair value estimate to Bt11.10 using the earnings yield method, based on a required return of 15.1% under the new macro assumptions...

Krungthai XSpring

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