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>2Q25E core profit is expected to have declined YoY, in line with our previous estimates, due to the impact of the earthquake and a weak performance from newly opened hotels in the Maldives.</li><li>With tourist arrivals expected to improve starting in July 2025, core profit in 3Q25E is projected to recover both YoY and QoQ.</li><li>As a result, we upgrade our rating to Outperform and slightly revise up our fair value to Bt32.75, based on a required return of 3.9%, reflecting updated macro assumptions (Rf = 1.48%, MRP = 6.83%; previously, FV at Bt32.25, the required return at 4.0%, Rf at 2.07%, and MRP at 5.58%).</li></ul>

2Q25E core profit is expected to have declined YoY, in line with our previous estimates, due to the impact of the earthquake and a weak performance from newly opened hotels in the Maldives.With tourist arrivals expected to improve starting in July 2025, core profit in 3Q25E is projected to recover both YoY and QoQ.As a result, we upgrade our rating to Outperform and slightly revise up our fair value to Bt32.75, based on a required return of 3.9%, reflecting updated macro assumptions (Rf = 1.48%, MRP = 6.83%; previously, FV at Bt32.25, the required return at 4.0%, Rf at 2.07%, and MRP at 5.58%).

Central - 2Q25E Core Profit to Have Dropped YoY Due to Poor Performance from Hotels in the Maldives

Central Plaza Hotel

Central - 2Q25E Core Profit to Have Dropped YoY Due to Poor Performance from Hotels in the Maldives