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

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Although 1Q26 net profit came in as expected, we anticipate revenue to slow in 2Q26E due to weaker spending among Thai patients and the lack of a meaningful recovery in international patients, particularly from the Middle East.</li><li>We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still-attractive upside of 20%.</li><li>BDMS reported 1Q26 net profit of Bt4.06bn (-7% YoY, +10% QoQ), in line with both market consensus and our expectation.</li></ul>

Although 1Q26 net profit came in as expected, we anticipate revenue to slow in 2Q26E due to weaker spending among Thai patients and the lack of a meaningful recovery in international patients, particularly from the Middle East.We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still-attractive upside of 20%.BDMS reported 1Q26 net profit of Bt4.06bn (-7% YoY, +10% QoQ), in line with both market consensus and our expectation.

BDMS: 1Q26 NP In Line; Earnings Revised Down On Weaker Revenue Growth Outlook