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 core profit and net profit in 2Q25E to have declined YoY and QoQ due to the recognition of gas payment obligations related to AFGAS previously subsidized by PTT, which is estimated to have a negative impact of around Bt200mn.</li><li>Estimated core profit for 1H25E accounts for 59% of our full-year forecast, which we maintain.</li><li>We also maintain our 2-year core EPS CAGR forecast at 4%, reflecting a downward trend in Ft (fuel tariff) due to policy-level risks of electricity tariff subsidies and limited growth in electricity sales to industrial users (IUs) amid ongoing trade war risks.</li></ul>

We expect core profit and net profit in 2Q25E to have declined YoY and QoQ due to the recognition of gas payment obligations related to AFGAS previously subsidized by PTT, which is estimated to have a negative impact of around Bt200mn.Estimated core profit for 1H25E accounts for 59% of our full-year forecast, which we maintain.We also maintain our 2-year core EPS CAGR forecast at 4%, reflecting a downward trend in Ft (fuel tariff) due to policy-level risks of electricity tariff subsidies and limited growth in electricity sales to industrial users (IUs) amid ongoing trade war risks.

B.grimm Power - Weak 2Q25E Earnings Due to AFGAS Gas Obligations

B Grimm Power

B.grimm Power - Weak 2Q25E Earnings Due to AFGAS Gas Obligations