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 solid 3Q25E core profit growth across multiple businesses.</li><li>We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).</li><li>We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.</li></ul>

We expect solid 3Q25E core profit growth across multiple businesses.We roll forward to a 2026 FV of Bt43.00 and downgrade to Outperform (from Buy; Bt42.50 prior).We expect 3Q25E earnings to turn around to a net profit at Bt1.86bn (vs losses in 3Q24 and 2Q25), supported by a expected smaller stock loss of Bt1.1bn, hedging loss of about Bt800mn (mainly from gasoil spread hedging), and forex gain of roughly Bt170mn.

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