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>BBIK reported a 4Q25 net profit of Bt127mn (+23% YoY, +87% QoQ), an all-time high and 22% / 18% above our and market estimates, respectively.</li><li>We believe the better-than-expected earnings will help support the share price at elevated levels.</li><li>The company took just one quarter to deliver an 87% QoQ profit rebound from the weakest earnings in five quarters in 3Q25, when a major project was canceled.</li></ul>

BBIK reported a 4Q25 net profit of Bt127mn (+23% YoY, +87% QoQ), an all-time high and 22% / 18% above our and market estimates, respectively.We believe the better-than-expected earnings will help support the share price at elevated levels.The company took just one quarter to deliver an 87% QoQ profit rebound from the weakest earnings in five quarters in 3Q25, when a major project was canceled.

BLUEBIK GROUP Plc. (BBIK): A Remarkable Comeback – Neutral (12M FWD Fair Value Bt19.00)

Bluebik Group

BLUEBIK GROUP Plc. (BBIK): A Remarkable Comeback – Neutral (12M FWD Fair Value Bt19.00)