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 Neutral rating, as the valuation metrics suggest the stock is attractive from a fundamental standpoint, offering roughly 19% upside to our new fair value of Bt1.82 and a 1H25 dividend yield of 3.3% (DPS of Bt0.05, XD on August 28).</li><li>A key highlight supporting this quarter’s earnings was the drop in SG&amp;A expenses to just 15.4% of total revenue, compared with 19.6% in 2Q24.</li><li>SIRI reported 2Q25 net profit of Bt1.21bn (-12% YoY, +49% QoQ), beating market expectations by 14%, mainly due to lower-than-expected administrative expenses.</li></ul>

We maintain our Neutral rating, as the valuation metrics suggest the stock is attractive from a fundamental standpoint, offering roughly 19% upside to our new fair value of Bt1.82 and a 1H25 dividend yield of 3.3% (DPS of Bt0.05, XD on August 28).A key highlight supporting this quarter’s earnings was the drop in SG&amp;A expenses to just 15.4% of total revenue, compared with 19.6% in 2Q24.SIRI reported 2Q25 net profit of Bt1.21bn (-12% YoY, +49% QoQ), beating market expectations by 14%, mainly due to lower-than-expected administrative expenses.

SANSIRI Plc. (SIRI): Upbeat 2Q25 Earnings; To Accelerate In 2H25E

<ul><li>We maintain our Neutral rating. The valuation metrics suggest that the stock is attractive from a fundamental perspective, with the current share price implying upside of approximately 30% to the fair value of Bt1.80 (based on a required return of 15.1%).</li><li>However, this attractiveness is offset by a weak long- term growth outlook, with earnings per share expected to grow at just a CAGR of 4.5% during 2025-27E, compared to the industry average of +6.5%.</li><li>SIRI reported a 1Q25 net profit of Bt814mn (-38% YoY, -35% QoQ), which was 25% and 16% above our and the market’s expectations, respectively.</li></ul>

We maintain our Neutral rating. The valuation metrics suggest that the stock is attractive from a fundamental perspective, with the current share price implying upside of approximately 30% to the fair value of Bt1.80 (based on a required return of 15.1%).However, this attractiveness is offset by a weak long- term growth outlook, with earnings per share expected to grow at just a CAGR of 4.5% during 2025-27E, compared to the industry average of +6.5%.SIRI reported a 1Q25 net profit of Bt814mn (-38% YoY, -35% QoQ), which was 25% and 16% above our and the market’s expectations, respectively.

Sansiri - Softer 1Q25 Profit but Exceeded Expectations

<ul><li>We upgrade our rating to Outperform (from Neutral) based on a more positive outlook for long-term growth.</li><li>EPS growth for 2025-27E is now projected at a CAGR of 4.7%, outperforming the industry average of +1.1%.</li><li>Meanwhile, the stock’s valuation appears fundamentally attractive, with the share price implying 17.2% upside to the new fair value. </li></ul>

We upgrade our rating to Outperform (from Neutral) based on a more positive outlook for long-term growth.EPS growth for 2025-27E is now projected at a CAGR of 4.7%, outperforming the industry average of +1.1%.Meanwhile, the stock’s valuation appears fundamentally attractive, with the share price implying 17.2% upside to the new fair value. 

Sansiri - 1Q25E Profit to Slow, but Momentum Will Accelerate in the Rest of 2025E

<ul><li>We maintain a Neutral rating, as the stock valuation remains fundamentally attractive (with 31% upside to the fair value).</li><li>However, this is overshadowed by a weaker earnings growth outlook compared to the industry.</li><li>EPS growth is expected at a CAGR of +0.5% in 2024-26E, significantly lagging the industry average of +6.4% due to a high base effect. Inaddition, the tactical outlook remains neutral.</li></ul>

We maintain a Neutral rating, as the stock valuation remains fundamentally attractive (with 31% upside to the fair value).However, this is overshadowed by a weaker earnings growth outlook compared to the industry.EPS growth is expected at a CAGR of +0.5% in 2024-26E, significantly lagging the industry average of +6.4% due to a high base effect. Inaddition, the tactical outlook remains neutral.

Sansiri - Downbeat 4Q24 Earnings; Dividend Yield of 4.8%

<ul><li>Our rating is shifted to Neutral (from Outperform) given that its long-term growth outlook looks weaker than the industry.</li><li>EPS growth is projected at a -0.6% CAGR in 2024-26E, compared to the industry average of +6.4%, due to a high base effect.</li><li>The tactical outlook has also weakened to neutral (from limited downside risk previously).</li></ul>

Our rating is shifted to Neutral (from Outperform) given that its long-term growth outlook looks weaker than the industry.EPS growth is projected at a -0.6% CAGR in 2024-26E, compared to the industry average of +6.4%, due to a high base effect.The tactical outlook has also weakened to neutral (from limited downside risk previously).

Sansiri - 2025 Business Plan Focuses on Market Where It Has Expertise

Thailand

Sansiri Public Company Limited develops real estate projects for sales and rentals.  Its projects include resort condominiums, residential and office buildings.  The Company also provides property and project management services.

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Sansiri Public (SIRI TB)

SANSIRI Plc. (SIRI): Upbeat 2Q25 Earnings; To Accelerate In 2H25E

A key highlight supporting this quarter’s earnings was the drop in SG&A expenses to just 15.4% of total revenue, compared with 19.6% in 2Q24.

Krungthai XSpring

Sansiri - Softer 1Q25 Profit but Exceeded Expectations

SIRI reported a 1Q25 net profit of Bt814mn (-38% YoY, -35% QoQ), which was 25% and 16% above our and the market’s expectations, respectively.

Krungthai XSpring

Sansiri - 1Q25E Profit to Slow, but Momentum Will Accelerate in the Rest of 2025E

We upgrade our rating to Outperform (from Neutral) based on a more positive outlook for long-term growth. EPS growth for 2025-27E is now projected...

Krungthai XSpring

Sansiri - Downbeat 4Q24 Earnings; Dividend Yield of 4.8%

We maintain a Neutral rating, as the stock valuation remains fundamentally attractive (with 31% upside to the fair value). However, this is...

Krungthai XSpring

Sansiri - 2025 Business Plan Focuses on Market Where It Has Expertise

Our rating is shifted to Neutral (from Outperform) given that its long-term growth outlook looks weaker than the industry. EPS growth is projected...

Krungthai XSpring

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