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>1Q25 core profit exceeded expectations, supported by the higher-than-anticipated average selling prices and gross profit margin (GPM) from industrial estate (IE) sales.</li><li>However, as the majority of the current backlog is concentrated in Rayong, we anticipate a decline in the GPM over the remaining quarters of the year.</li><li>Looking ahead, we expect the core operating performance to enter a downtrend over the next 1-2 years, with EPS projected to decline at a CAGR of -14%, which is below the industry average. </li></ul>

1Q25 core profit exceeded expectations, supported by the higher-than-anticipated average selling prices and gross profit margin (GPM) from industrial estate (IE) sales.However, as the majority of the current backlog is concentrated in Rayong, we anticipate a decline in the GPM over the remaining quarters of the year.Looking ahead, we expect the core operating performance to enter a downtrend over the next 1-2 years, with EPS projected to decline at a CAGR of -14%, which is below the industry average. 

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