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>3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark spread) and Nam San 3A &amp; 3B (higher output from increased rainfall and water flow).</li><li>We maintain our BUY call and 2026 FV at Bt10.00, as Valuation Metrics remain positive on the current valuation and stronger 2Y core EPS growth (+17% CAGR) versus peers, with neutral tactical risk.</li><li>3Q25 turned to a Bt627mn NP, in line with preview (vs. Bt28mn net loss in 3Q24 from a Bt480mn forex loss and Bt651mn net loss in 2Q25 from Bt673mn one-offs related to impairment loss in the Nabas project and EDL receivables).</li></ul>

3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark spread) and Nam San 3A &amp; 3B (higher output from increased rainfall and water flow).We maintain our BUY call and 2026 FV at Bt10.00, as Valuation Metrics remain positive on the current valuation and stronger 2Y core EPS growth (+17% CAGR) versus peers, with neutral tactical risk.3Q25 turned to a Bt627mn NP, in line with preview (vs. Bt28mn net loss in 3Q24 from a Bt480mn forex loss and Bt651mn net loss in 2Q25 from Bt673mn one-offs related to impairment loss in the Nabas project and EDL receivables).

BCPG Plc. (BCPG): Solid 3Q25 Profit As Expected From US CCGT...

South Korea

Namsun Aluminum Co., Ltd. manufactures aluminum products, such as aluminum sash and circlet.

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Namsun Aluminum (008350 KS)

BCPG Plc. (BCPG): Solid 3Q25 Profit As Expected From US CCGT...

3Q25 net and core profit rose strongly YoY and QoQ, driven by US CCGT projects (higher volume QoQ, full-quarter capacity price rise, wider spark...

Krungthai XSpring

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