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>4Q25 core profit rose YoY and QoQ, mainly driven by project development income (Nakwol 1) and a QoQ improvement in IU margin.</li><li>With valuation turning stretched at a 12M FV of Bt15.50 (unchanged, 4.5% required return), we downgrade our rating to Neutral (from Outperform).</li><li>4Q25 net profit was Bt494mn (-37% YoY, -5% QoQ), 12% above estimates on Bt152mn upbeat land sales gains.</li></ul>

4Q25 core profit rose YoY and QoQ, mainly driven by project development income (Nakwol 1) and a QoQ improvement in IU margin.With valuation turning stretched at a 12M FV of Bt15.50 (unchanged, 4.5% required return), we downgrade our rating to Neutral (from Outperform).4Q25 net profit was Bt494mn (-37% YoY, -5% QoQ), 12% above estimates on Bt152mn upbeat land sales gains.

B.GRIMM POWER Plc. (BGRIM): 4Q25 Core Profit Solid As Expected; Stretched Valuation

B.Grimm Power

B.GRIMM POWER Plc. (BGRIM): 4Q25 Core Profit Solid As Expected; Stretched Valuation