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>3Q25E net profit is projected to have declined YoY before recovering in 4Q25E, as the influenza outbreak occurred later than last year (late September to early October).</li><li>We upgrade our rating to Outperform (from Neutral) and roll forward to a 2026E fair value of Bt23.30, based on a required return of 4.6%, reflecting updated macro assumptions of Rf = 1.04% and MRP = 5.81% (previously Bt24.80, 4.3%, 1.48%, and 5.26%).</li><li>Valuation metrics have turned more positive, with the current valuation offering about 16% upside and limited downside risk from a tactical perspective, although 2Y core EPS growth remains below the sector average.</li></ul>

3Q25E net profit is projected to have declined YoY before recovering in 4Q25E, as the influenza outbreak occurred later than last year (late September to early October).We upgrade our rating to Outperform (from Neutral) and roll forward to a 2026E fair value of Bt23.30, based on a required return of 4.6%, reflecting updated macro assumptions of Rf = 1.04% and MRP = 5.81% (previously Bt24.80, 4.3%, 1.48%, and 5.26%).Valuation metrics have turned more positive, with the current valuation offering about 16% upside and limited downside risk from a tactical perspective, although 2Y core EPS growth remains below the sector average.

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): 3Q25E Profit Likely Down YoY...