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

Thematic (Sector/Industry)

Thailand Financials / Thematic (Sector/Industry)

<ul><li>The six banks under our coverage reported a combined net profit of Bt40.3bn in 4Q24, growing 11.4% YoY but declining 6.4% QoQ, which was in line with our expectations.</li><li>KKP and SCB outperformed expectations with net profits 21% and 19% higher than anticipated, respectively, mainly due to higher-than-expected non-interest income.</li><li>We maintain an Overweight investment rating on the banking sector, supported by a trend of declining provisioning expenses and a focus on capital management, which enhances the potential for dividend increases. </li></ul>

The six banks under our coverage reported a combined net profit of Bt40.3bn in 4Q24, growing 11.4% YoY but declining 6.4% QoQ, which was in line with our expectations.KKP and SCB outperformed expectations with net profits 21% and 19% higher than anticipated, respectively, mainly due to higher-than-expected non-interest income.We maintain an Overweight investment rating on the banking sector, supported by a trend of declining provisioning expenses and a focus on capital management, which enhances the potential for dividend increases. 

Banking - In-Line 4Q24 NP; Provisions to Fall in 2025E