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 core profit beat on lower SG&amp;A and tax expenses.</li><li>With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.</li><li>We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.</li></ul>

3Q25 core profit beat on lower SG&amp;A and tax expenses.With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.

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