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>3Q25 revenue was Bt6.1bn (–6% YoY, –6% QoQ), in line with our preview, hurt by declines in both auto-parts manufacturing and dealership/service-center segments.</li><li>AH reported 3Q25 core profit of Bt211mn (–0.4% YoY, +86% QoQ), beating our and the market’s estimates by 12%.</li><li>The better-than-expected results put 9M25 profit at 84% of our full-year forecast, suggesting slight upside to our 2025 estimate.</li></ul>

3Q25 revenue was Bt6.1bn (–6% YoY, –6% QoQ), in line with our preview, hurt by declines in both auto-parts manufacturing and dealership/service-center segments.AH reported 3Q25 core profit of Bt211mn (–0.4% YoY, +86% QoQ), beating our and the market’s estimates by 12%.The better-than-expected results put 9M25 profit at 84% of our full-year forecast, suggesting slight upside to our 2025 estimate.

AAPICO HITECH Plc. (AH): Earnings Beat On Strong GPM Recovery – Buy (12M FWD Fair Value Bt17.30)

Aapico Hitech

AAPICO HITECH Plc. (AH): Earnings Beat On Strong GPM Recovery – Buy (12M FWD Fair Value Bt17.30)