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 expect 3Q25E NP growth YoY and QoQ, while core profit likely declined in 2025E.</li><li>We keep the 2026 FV at Bt14.90 but downgrade to Underperform (from Neutral), as the share price exceeds valuation.</li><li>We estimate 3Q25E net profit at Bt532mn (+2.3x YoY, +77x QoQ, with forex loss).</li></ul>

We expect 3Q25E NP growth YoY and QoQ, while core profit likely declined in 2025E.We keep the 2026 FV at Bt14.90 but downgrade to Underperform (from Neutral), as the share price exceeds valuation.We estimate 3Q25E net profit at Bt532mn (+2.3x YoY, +77x QoQ, with forex loss).

B.GRIMM POWER Plc. (BGRIM): 3Q25E-2025E Core Profit In Line With Forecasts

B Grimm Power

B.GRIMM POWER Plc. (BGRIM): 3Q25E-2025E Core Profit In Line With Forecasts