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>2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.</li><li>A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.</li><li>We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.</li></ul>

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected