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

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul><li>1Q25 core profit was in line with expectations, and the 2Q25E core performance is expected to remain weak YoY due to the high base from Middle Eastern patients.</li><li>However, a recovery is anticipated in 2H25E.</li><li>We maintain a Neutral rating with a fair value of Bt175.00, based on a required return of 5.6%.</li></ul>

1Q25 core profit was in line with expectations, and the 2Q25E core performance is expected to remain weak YoY due to the high base from Middle Eastern patients.However, a recovery is anticipated in 2H25E.We maintain a Neutral rating with a fair value of Bt175.00, based on a required return of 5.6%.

Bumrungrad Hospital - 1Q25 Earnings Contracted as Expected