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 estimate AH’s 3Q25 core profit at Bt188mn (–11% YoY, +66% QoQ), down YoY in line with industry trends but rebounding strongly QoQ from a low base.</li><li>We upgrade our rating to Buy from Outperform, maintaining the fair value at Bt17.30. The 24% two-month drop lacks key negatives and contrasts with the ongoing earnings recovery, making the 5-month low a buying opportunity as a rebound is anticipated.</li><li>AH’s 3Q25 revenue is expected to fall to Bt6.1bn (–6% YoY, –6% QoQ), comprising: i) OEM revenue down 4% YoY to Bt4.3bn, supported by growth in Portugal and Malaysia, while revenue from Thailand likely declined in line with the industry; and ii) car dealership revenue down 10% YoY to Bt1.8bn, as Honda sales in Malaysia faced intensified competition from Chinese EV makers since last quarter.</li></ul>

We estimate AH’s 3Q25 core profit at Bt188mn (–11% YoY, +66% QoQ), down YoY in line with industry trends but rebounding strongly QoQ from a low base.We upgrade our rating to Buy from Outperform, maintaining the fair value at Bt17.30. The 24% two-month drop lacks key negatives and contrasts with the ongoing earnings recovery, making the 5-month low a buying opportunity as a rebound is anticipated.AH’s 3Q25 revenue is expected to fall to Bt6.1bn (–6% YoY, –6% QoQ), comprising: i) OEM revenue down 4% YoY to Bt4.3bn, supported by growth in Portugal and Malaysia, while revenue from Thailand likely declined in line with the industry; and ii) car dealership revenue down 10% YoY to Bt1.8bn, as Honda sales in Malaysia faced intensified competition from Chinese EV makers since last quarter.

AAPICO HITECH Plc. (AH): 3Q25E Profit To Rebound Sharply QoQ - Buy (12M FWD Fair Value Bt17.30)

Aapico Hitech

AAPICO HITECH Plc. (AH): 3Q25E Profit To Rebound Sharply QoQ - Buy (12M FWD Fair Value Bt17.30)