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>1Q25E core profit is forecast to have increased QoQ, as previously projected.</li><li>The growth is also expected to continue in 2Q25E YoY and QoQ, supported by the confirmation of reimbursement for high-cost treatments at Bt12,000/RW and the absence of Ramadan holidays.</li><li>We maintain a Neutral rating and a fair value of Bt15.70, based on a required return of 3.8%.</li></ul>

1Q25E core profit is forecast to have increased QoQ, as previously projected.The growth is also expected to continue in 2Q25E YoY and QoQ, supported by the confirmation of reimbursement for high-cost treatments at Bt12,000/RW and the absence of Ramadan holidays.We maintain a Neutral rating and a fair value of Bt15.70, based on a required return of 3.8%.

Bangkok Chain Hospital - Expect Good 1Q25E Earnings QoQ, with Growth Continuing into 2Q25E