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 overall 4Q24E performance of the six banks under our coverage is not bad, with a combined net profit of Bt39.2bn, up 6.9% YoY due to a decline in provisioning.</li><li>However, the figure is expected to have fallen 10.3% QoQ, pressured by a reduction in NIM. Among the banks, KKP is expected to post the most notable YoY profit growth, driven by a significant drop in provisioning, while KBANK may have been the only bank likely to see provisioning decline both YoY and QoQ.</li><li>Looking ahead to 2025E, we prefer banks with a higher proportion of retail and SME loans. </li></ul>

The overall 4Q24E performance of the six banks under our coverage is not bad, with a combined net profit of Bt39.2bn, up 6.9% YoY due to a decline in provisioning.However, the figure is expected to have fallen 10.3% QoQ, pressured by a reduction in NIM. Among the banks, KKP is expected to post the most notable YoY profit growth, driven by a significant drop in provisioning, while KBANK may have been the only bank likely to see provisioning decline both YoY and QoQ.Looking ahead to 2025E, we prefer banks with a higher proportion of retail and SME loans. 

Banking: The Overall Profit Outlook for the Banking Sector in 4Q24E Is Not Bad