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 came in as expected, retreating YoY due to a sharp drop in the GRM and down slightly 3% QoQ — though the decline was less steep than peers — supported by lower crude costs, consistent with the negative dated Brent-Dubai spread and the company’s well-diversified business portfolio.</li><li>We maintain our 2025-27E core profit forecasts, with 2-year core EPS projected to grow at a 15% CAGR.</li><li>We maintain our Outperform rating but revise up the 12- month fair value (12M FV) to Bt41.25 (previously Bt36.00), based on a required return of 13.7%, reflecting a lower beta due to an updated regression timeframe.</li></ul>

1Q25 core profit came in as expected, retreating YoY due to a sharp drop in the GRM and down slightly 3% QoQ — though the decline was less steep than peers — supported by lower crude costs, consistent with the negative dated Brent-Dubai spread and the company’s well-diversified business portfolio.We maintain our 2025-27E core profit forecasts, with 2-year core EPS projected to grow at a 15% CAGR.We maintain our Outperform rating but revise up the 12- month fair value (12M FV) to Bt41.25 (previously Bt36.00), based on a required return of 13.7%, reflecting a lower beta due to an updated regression timeframe.

Bangchak Corporation - 1Q25 NP Missed Forecast by 6%; In-Line Core Profit