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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>We expect AH’s 2Q25E core profit at Bt147mn (+47% YoY, -52% QoQ), showing a solid YoY recovery in line with industry trends, though operations may have remained subdued due to a power outage in Portugal.</li><li>1H25E profit projection accounts for 60% of our full-year forecast of Bt752mn (+4% YoY), which remains achievable, as we anticipate Thai auto production in 2H25 to improve HoH amid a gradually recovering industry outlook.</li><li>We maintain our Neutral rating with an unchanged fair value of Bt15.00, implying a P/E of 7.1x (mean level).</li></ul>

We expect AH’s 2Q25E core profit at Bt147mn (+47% YoY, -52% QoQ), showing a solid YoY recovery in line with industry trends, though operations may have remained subdued due to a power outage in Portugal.1H25E profit projection accounts for 60% of our full-year forecast of Bt752mn (+4% YoY), which remains achievable, as we anticipate Thai auto production in 2H25 to improve HoH amid a gradually recovering industry outlook.We maintain our Neutral rating with an unchanged fair value of Bt15.00, implying a P/E of 7.1x (mean level).

AAPICO HITECH - 2Q25E Earnings to Have Slowed QoQ but Still Grown YoY

Aapico Hitech

AAPICO HITECH - 2Q25E Earnings to Have Slowed QoQ but Still Grown YoY