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>Despite a YoY drop in 4QFY25 core profit, it held flat QoQ—better than our expected QoQ decline.</li><li>With the overhang from the likely cut in KPD’s revenue share to 20%, we maintain our 2Y core EPS CAGR at 8%, tracking the sector.</li><li>We upgrade to Neutral (from Underperform) while keeping the FV at Bt40.75 (2.8% required return). Our view has turned more positive as the share price is now near FV, and the tactical outlook has shifted to neutral from previously limited upside.</li></ul>

Despite a YoY drop in 4QFY25 core profit, it held flat QoQ—better than our expected QoQ decline.With the overhang from the likely cut in KPD’s revenue share to 20%, we maintain our 2Y core EPS CAGR at 8%, tracking the sector.We upgrade to Neutral (from Underperform) while keeping the FV at Bt40.75 (2.8% required return). Our view has turned more positive as the share price is now near FV, and the tactical outlook has shifted to neutral from previously limited upside.

AIRPORTS OF THAILAND Plc. (AOT): 4QFY25 Core Profit Beat; KPD/PSC Talks in Focus

Airports of Thailand

AIRPORTS OF THAILAND Plc. (AOT): 4QFY25 Core Profit Beat; KPD/PSC Talks in Focus