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 Dusit Medical Services / Equity Bottom-Up

<ul><li>1Q25E net profit is expected to have grown by +6% YoY, supported by increasing revenue from both Thai and international patients, offset by rising tax expenses QoQ from reduced tax benefits, likely resulting in flat net profit at -1% QoQ.</li><li>We maintain a Neutral recommendation but revise down the fair value to Bt23.90 based on a new required return of 4.4%, incorporating our new house view macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt27.50, 3.8%, 2.27%, and 4.43%, respectively).</li><li>The valuation metrics reflect a negative view on the current fundamentals, which have been revised to undervalued (previously buy) as the stock price implies only 8% upside.</li></ul>

1Q25E net profit is expected to have grown by +6% YoY, supported by increasing revenue from both Thai and international patients, offset by rising tax expenses QoQ from reduced tax benefits, likely resulting in flat net profit at -1% QoQ.We maintain a Neutral recommendation but revise down the fair value to Bt23.90 based on a new required return of 4.4%, incorporating our new house view macro assumptions: Rf = 2.07% and MRP = 5.58% (previously Bt27.50, 3.8%, 2.27%, and 4.43%, respectively).The valuation metrics reflect a negative view on the current fundamentals, which have been revised to undervalued (previously buy) as the stock price implies only 8% upside.

Bangkok Dusit Medical Services - 1Q25E Profit Expected to Increase Slightly YoY