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 3Q25E net and core profit both YoY and QoQ, driven by seasonal gains from the US CCGT plants (higher power generation and full-quarter capacity price increase), Nam San 3A &amp; 3B (higher power output), and new profit from the Monsoon wind farm.</li><li>We maintain our Buy call and 2026 FV of Bt10.00. Valuation metrics reflect a positive view on the current valuation, with 2Y core EPS growth of +17% CAGR and limited tactical upside risk.</li><li>We maintain our 2026–27E core profit forecasts and 2Y core EPS growth of +17% CAGR, driven by solid profit from the US CCGT plant (capacity rate rising to USD270/MW-day in 2025/26 and USD329/MW-day in 2026/27) and Nam San 3A &amp; 3B. </li></ul>

We expect strong 3Q25E net and core profit both YoY and QoQ, driven by seasonal gains from the US CCGT plants (higher power generation and full-quarter capacity price increase), Nam San 3A &amp; 3B (higher power output), and new profit from the Monsoon wind farm.We maintain our Buy call and 2026 FV of Bt10.00. Valuation metrics reflect a positive view on the current valuation, with 2Y core EPS growth of +17% CAGR and limited tactical upside risk.We maintain our 2026–27E core profit forecasts and 2Y core EPS growth of +17% CAGR, driven by solid profit from the US CCGT plant (capacity rate rising to USD270/MW-day in 2025/26 and USD329/MW-day in 2026/27) and Nam San 3A &amp; 3B. 

BCPG Plc. (BCPG): 3Q25E Profit Boosted By US CCGT; Solid 2Y Profit Expected

BCPG PCL

BCPG Plc. (BCPG): 3Q25E Profit Boosted By US CCGT; Solid 2Y Profit Expected