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>2Q25 net profit rose YoY as expected, driven by the absence of Ramadan; this was able to offset the decline in Cambodian patients.</li><li>We maintain our view that 3Q25E will mark the seasonal peak of the year.</li><li>Although we raised our fair value to Bt24.80, based on a required return of 4.3% following the macro factor adjustment to our house view’s MRP of 5.26% (previously FV at Bt21.80; required return at 4.9%, and MRP at 6.83%) to reflect an improved GDP outlook, we maintain a Neutral rating.</li></ul>

2Q25 net profit rose YoY as expected, driven by the absence of Ramadan; this was able to offset the decline in Cambodian patients.We maintain our view that 3Q25E will mark the seasonal peak of the year.Although we raised our fair value to Bt24.80, based on a required return of 4.3% following the macro factor adjustment to our house view’s MRP of 5.26% (previously FV at Bt21.80; required return at 4.9%, and MRP at 6.83%) to reflect an improved GDP outlook, we maintain a Neutral rating.

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): In-Line 2Q25 Earnings