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>4Q25 net profit (NP) missed estimates by 6% on higher-than-expected one-time items, while revenue and EBITDA margin were in line. We maintain our 2026E NP growth forecast of +9% YoY, with 2Y EPS CAGR at 3%, below peers.</li><li>We maintain our Outperform call with 19% upside to our Bt25.50 fair value (based on a 4.3% required return), despite limited tactical upside risk.</li><li>Near term, the stock should gain support from the 2H25 dividend (regular + special) of Bt0.65, implying a 100% payout ratio for 2025.</li></ul>

4Q25 net profit (NP) missed estimates by 6% on higher-than-expected one-time items, while revenue and EBITDA margin were in line. We maintain our 2026E NP growth forecast of +9% YoY, with 2Y EPS CAGR at 3%, below peers.We maintain our Outperform call with 19% upside to our Bt25.50 fair value (based on a 4.3% required return), despite limited tactical upside risk.Near term, the stock should gain support from the 2H25 dividend (regular + special) of Bt0.65, implying a 100% payout ratio for 2025.

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): Earnings Missed On One-Offs