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>We revise our 2026E core profit forecast, reflecting higher land transfer volumes following the upward adjustment to 2025E presales.</li><li>Meanwhile, we maintain the 2025E core profit forecast, expected to be flat YoY, supported by improve land transfers to Chunburi Industrial Estate 2.</li><li>However, with limited remaining saleable land in Chonburi 2 and additional time required to develop the next phase, we expect 2026E presales to decline, resulting in an average annual EPS contraction of -7% CAGR, which is weaker than the sector.</li></ul>

We revise our 2026E core profit forecast, reflecting higher land transfer volumes following the upward adjustment to 2025E presales.Meanwhile, we maintain the 2025E core profit forecast, expected to be flat YoY, supported by improve land transfers to Chunburi Industrial Estate 2.However, with limited remaining saleable land in Chonburi 2 and additional time required to develop the next phase, we expect 2026E presales to decline, resulting in an average annual EPS contraction of -7% CAGR, which is weaker than the sector.

Amata Corporation - Upbeat 2Q25E Presales; Land Transfers Still in Line

Amata Corp Public

Amata Corporation - Upbeat 2Q25E Presales; Land Transfers Still in Line