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>3Q25 core profit fell YoY and QoQ as expected. 4Q25E should improve on delayed influenza cases and a recovery in Cambodian patients.</li><li>Over the long term, we expect a positive impact from an improved SSO fund, supported by higher contribution income as salary bases increase, driving 2026–28E core EPS CAGR of 4%, in line with peers.</li><li>We maintain a “Buy” rating with a 2026E FV of Bt14.00, based on a 4.2% required return).</li></ul>

3Q25 core profit fell YoY and QoQ as expected. 4Q25E should improve on delayed influenza cases and a recovery in Cambodian patients.Over the long term, we expect a positive impact from an improved SSO fund, supported by higher contribution income as salary bases increase, driving 2026–28E core EPS CAGR of 4%, in line with peers.We maintain a “Buy” rating with a 2026E FV of Bt14.00, based on a 4.2% required return).

BANGKOK CHAIN HOSPITAL Plc. (BCH): 3Q25 In Line, 4Q25E Set To Rebound