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>While we cut 2025–26E core profit to reflect weaker YoY and QoQ 3Q25E results (typically the high season), we expect 4Q25E to improve on delayed flu cases and the return of Cambodian patients.</li><li>We rolled over to 2026E FV of Bt14.00 (required return 4.2%; Rf 1.04%, MRP 5.81%), down from Bt16.40 (3.8%; 1.45%; 5.26%).</li><li>We switch to “Buy” (from Outperform) after a 24% share price drop since the last earnings report, which already priced in concerns over weaker 3Q25E revenue from delayed seasonal illness and tighter drug controls.</li></ul>

While we cut 2025–26E core profit to reflect weaker YoY and QoQ 3Q25E results (typically the high season), we expect 4Q25E to improve on delayed flu cases and the return of Cambodian patients.We rolled over to 2026E FV of Bt14.00 (required return 4.2%; Rf 1.04%, MRP 5.81%), down from Bt16.40 (3.8%; 1.45%; 5.26%).We switch to “Buy” (from Outperform) after a 24% share price drop since the last earnings report, which already priced in concerns over weaker 3Q25E revenue from delayed seasonal illness and tighter drug controls.

BANGKOK CHAIN HOSPITAL Plc. (BCH): 3Q25E Profit to Weaken YoY/QoQ...