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>Core service revenue rose 6.8% YoY to Bt43.6bn, driven by growth across all segments from continued subscriber expansion and a focus on quality customers, lifting ARPU.</li><li>EBITDA margin rose to 57.8% from 53.0% in 3Q24 and 54.0% in the previous quarter. The improvement was driven by higher core service margin after the 2100MHz network rental contract with NT expired in August 2025, along with strict SG&amp;A cost control.</li><li>ADVANC posted 3Q25 net profit of Bt12.0bn (+9.6% QoQ, +37.0% YoY), beating our and the market’s estimates by 13.0% and 8.5% due to better-than-expected profitability.</li></ul>

Core service revenue rose 6.8% YoY to Bt43.6bn, driven by growth across all segments from continued subscriber expansion and a focus on quality customers, lifting ARPU.EBITDA margin rose to 57.8% from 53.0% in 3Q24 and 54.0% in the previous quarter. The improvement was driven by higher core service margin after the 2100MHz network rental contract with NT expired in August 2025, along with strict SG&amp;A cost control.ADVANC posted 3Q25 net profit of Bt12.0bn (+9.6% QoQ, +37.0% YoY), beating our and the market’s estimates by 13.0% and 8.5% due to better-than-expected profitability.

Advanced Info Service Plc. (ADVANC): Upbeat 3Q25 Profit...