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>We expect strong QoQ earnings in 1Q25E, mainly driven by the US CCGT projects, although earnings are expected to decline YoY due to the impact of the adder and divestment gaps.</li><li>The earnings momentum in 2H25E is projected to improve, supported by seasonality and the profit contributions from new power projects.</li><li>We maintain our 2025-27E core profit forecasts, expecting 2Y core EPS growth at an 11% CAGR, fueled by strong profit contributions from the US CCGT projects and profit inflows from new projects.</li></ul>

We expect strong QoQ earnings in 1Q25E, mainly driven by the US CCGT projects, although earnings are expected to decline YoY due to the impact of the adder and divestment gaps.The earnings momentum in 2H25E is projected to improve, supported by seasonality and the profit contributions from new power projects.We maintain our 2025-27E core profit forecasts, expecting 2Y core EPS growth at an 11% CAGR, fueled by strong profit contributions from the US CCGT projects and profit inflows from new projects.

BCPG - Expect Strong 1Q25E Earnings QoQ, with Momentum Accelerating Further in 2H25E

BCPG PCL

BCPG - Expect Strong 1Q25E Earnings QoQ, with Momentum Accelerating Further in 2H25E