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>2Q25 core profit, after excluding FX losses and tax expenses from the sale of a subsidiary’s shares, was in line with our expectations.</li><li>We maintain our view that 2Q25 core profit should be the year’s low, with transfers expected to begin for Chonburi Industrial Estate 2 — on the market for over two years.</li><li>However, with reduced available saleable land and the time needed to develop new land phases, we believe presales already peaked in 2024 and will decline in 2025-26E, resulting in long-term EPS contracting at a CAGR of -7%, weaker than the sector.</li></ul>

2Q25 core profit, after excluding FX losses and tax expenses from the sale of a subsidiary’s shares, was in line with our expectations.We maintain our view that 2Q25 core profit should be the year’s low, with transfers expected to begin for Chonburi Industrial Estate 2 — on the market for over two years.However, with reduced available saleable land and the time needed to develop new land phases, we believe presales already peaked in 2024 and will decline in 2025-26E, resulting in long-term EPS contracting at a CAGR of -7%, weaker than the sector.

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