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

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>The 2Q25E performance may have showed YoY and QoQ growth, in line with our previous assessment, and we expect the 3Q25E performance to improve YoY and QoQ as well, despite short-term risks from a potential decline in Cambodian patient numbers.</li><li>The positive momentum is expected to continue into 4Q25E, supported by the Social Security Board's approval to maintain the reimbursement rate for insured patients at Bt12,000/AdjRW through the end of 2025.</li><li>We maintain our Outperform rating with a fair value of Bt15.70, based on a required return of 3.8%.</li></ul>

The 2Q25E performance may have showed YoY and QoQ growth, in line with our previous assessment, and we expect the 3Q25E performance to improve YoY and QoQ as well, despite short-term risks from a potential decline in Cambodian patient numbers.The positive momentum is expected to continue into 4Q25E, supported by the Social Security Board's approval to maintain the reimbursement rate for insured patients at Bt12,000/AdjRW through the end of 2025.We maintain our Outperform rating with a fair value of Bt15.70, based on a required return of 3.8%.

Bangkok Chain Hospital - Expect 2Q25E Growth YoY and QoQ