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>Despite an expected disappointing 2Q25E performance (a reversal to a net loss due to one-off expenses), concerns over trade receivables from EDL are likely to end, with provisions lower than market expectations.</li><li>Meanwhile, 3Q25E is expected to be the strongest quarter of the year, and the outlook for the next capacity revenue cycle (Jun.-26 to May- 27) of the US CCGT projects may carry upside potential, which could be the next share price catalyst.</li><li>We maintain our view of 2-year core EPS growth at an +11% CAGR (stronger than the sector average), although one-off expenses may pose downside risk to the 2025E net profit.</li></ul>

Despite an expected disappointing 2Q25E performance (a reversal to a net loss due to one-off expenses), concerns over trade receivables from EDL are likely to end, with provisions lower than market expectations.Meanwhile, 3Q25E is expected to be the strongest quarter of the year, and the outlook for the next capacity revenue cycle (Jun.-26 to May- 27) of the US CCGT projects may carry upside potential, which could be the next share price catalyst.We maintain our view of 2-year core EPS growth at an +11% CAGR (stronger than the sector average), although one-off expenses may pose downside risk to the 2025E net profit.

BCPG - Q25E Net Loss on One-Off Expenses; 3Q25E to Be the Best Quarter

BCPG PCL

BCPG - Q25E Net Loss on One-Off Expenses; 3Q25E to Be the Best Quarter