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 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).</li><li>We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).</li><li>2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).</li></ul>

4Q25 net profit was Bt2.2bn, in line with expectations, surging YoY and +100% QoQ (vs. large negative one-off items in 4Q24 and 3Q25).We reiterate Buy and raise our 12M FV to Bt42.00 (from Bt40.00), based on a 14% required return (from 15.3%).2025 core profit rose 67% YoY to Bt10.2bn, mainly driven by strong 4Q25 earnings (~40% of full-year core profit).

Bangchak Corporation Plc. (BCP): Strong 4Q25 Core And Net Profits