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>2Q26 core profit, excluding insurance claim income related to the Hat Yai floods, declined both YoY and QoQ, in line with expectations.</li><li>We maintain our Outperform rating, with 11% upside to our FV.</li><li>We expect performance to improve HoH in 2H26E on normal seasonality, a gradual recovery in Middle Eastern patient referrals, and the absence of the high Cambodian patient base.</li></ul>

2Q26 core profit, excluding insurance claim income related to the Hat Yai floods, declined both YoY and QoQ, in line with expectations.We maintain our Outperform rating, with 11% upside to our FV.We expect performance to improve HoH in 2H26E on normal seasonality, a gradual recovery in Middle Eastern patient referrals, and the absence of the high Cambodian patient base.

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): 2Q26 Earnings Declined YoY and QoQ as Expected; Normal Recovery in 3Q26E - Outperform (12M FWD Fair Value Bt21.80)