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>We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt21.80, based on a required return of 4.9%, reflecting updated macroeconomic assumptions of Rf = 1.48% and MRP = 6.83% (previously Bt23.90, 4.4%, 2.07%, and 5.58%).</li><li>The valuation metrics reflect a more negative view on the fundamentals, with the rating revised to undervalued (from buy), as the current share price now implies narrower upside to the fair value of 8%.</li><li>At the same time, the tactical view has been adjusted to neutral (from very limited upside), as the share price has declined 17% since the 1Q25 earnings report, reflecting expectations for 2Q25E net profit to be flat YoY (previously we projected it to grow YoY owing to the absence of Ramadan).</li></ul>

We downgrade our rating to Neutral (from Outperform) and revise down the fair value to Bt21.80, based on a required return of 4.9%, reflecting updated macroeconomic assumptions of Rf = 1.48% and MRP = 6.83% (previously Bt23.90, 4.4%, 2.07%, and 5.58%).The valuation metrics reflect a more negative view on the fundamentals, with the rating revised to undervalued (from buy), as the current share price now implies narrower upside to the fair value of 8%.At the same time, the tactical view has been adjusted to neutral (from very limited upside), as the share price has declined 17% since the 1Q25 earnings report, reflecting expectations for 2Q25E net profit to be flat YoY (previously we projected it to grow YoY owing to the absence of Ramadan).

Bangkok Dusit Medical Services - Expect Flat 2Q25E Net Profit YoY...