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

Bangkok Dusit Medical Services (BDMS-R TB)

<ul><li>3Q25 NP rose 2% YoY, exceeding forecast by 4.6%.</li><li>Thai patient revenue remained stable despite delayed seasonal cases and stronger growth in other international patients offsetting weaker Cambodian volume.</li><li>We maintain Outperform with 2026E FV of Bt23.30 (required return 4.6%, PER 21.5x).</li></ul>

3Q25 NP rose 2% YoY, exceeding forecast by 4.6%.Thai patient revenue remained stable despite delayed seasonal cases and stronger growth in other international patients offsetting weaker Cambodian volume.We maintain Outperform with 2026E FV of Bt23.30 (required return 4.6%, PER 21.5x).

Bangkok Dusit Medical Services Plc. (BDMS): 3Q25 Slightly Beat...