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

<ul><li>4Q24 net profit came in below expectations due to a provision expense on A/R, while core profit remained strong as expected, supported by a healthy profit contribution from the US CCGT projects.</li><li>Momentum is expected to remain positive in 2025-26E, driven by an upward trend in capacity revenue.</li><li>We maintain our core profit estimates for 2025-26E, expecting a solid contribution from the US CCGT projects and the kick- offs of new projects to drive 2Y core EPS growth at a 21% CAGR.</li></ul>

4Q24 net profit came in below expectations due to a provision expense on A/R, while core profit remained strong as expected, supported by a healthy profit contribution from the US CCGT projects.Momentum is expected to remain positive in 2025-26E, driven by an upward trend in capacity revenue.We maintain our core profit estimates for 2025-26E, expecting a solid contribution from the US CCGT projects and the kick- offs of new projects to drive 2Y core EPS growth at a 21% CAGR.

BCPG - Downbeat 4Q24 NP Due to Provision Expense on A/R; In-Line Core Profit

BCPG PCL

BCPG - Downbeat 4Q24 NP Due to Provision Expense on A/R; In-Line Core Profit