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 was strong both YoY and QoQ.</li><li>We maintain our 2025E core profit forecast (we expect the IU margin to decline QoQ in 2Q, alongside seasonality of RE power plants and FX impacts in the remaining quarters).</li><li>In the meantime, potential headwinds include policy-driven electricity tariff cuts and slowing economic growth, which could pose downside risks to the IU margin and electricity sales volume. </li></ul>

1Q25 core profit was strong both YoY and QoQ.We maintain our 2025E core profit forecast (we expect the IU margin to decline QoQ in 2Q, alongside seasonality of RE power plants and FX impacts in the remaining quarters).In the meantime, potential headwinds include policy-driven electricity tariff cuts and slowing economic growth, which could pose downside risks to the IU margin and electricity sales volume. 

B.Grimm Power - Strong 1Q25 Earnings as Expected

B Grimm Power

B.Grimm Power - Strong 1Q25 Earnings as Expected