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>The near-term core profit outlook is weak, with the 1Q25 performance flat YoY and expected to decline both YoY and QoQ in 2Q25E due to the impact of the earthquake, a slowdown in Chinese tourist arrivals, and the planned renovations of two hotels.</li><li>We maintain a Neutral rating with a fair value of Bt32.25, based on a required return of 4.0%.</li><li>We remain positive on the fundamentals, given the market price gap and a fair value that implies upside of +39%, alongside very limited downside risk from a tactical perspective. </li></ul>

The near-term core profit outlook is weak, with the 1Q25 performance flat YoY and expected to decline both YoY and QoQ in 2Q25E due to the impact of the earthquake, a slowdown in Chinese tourist arrivals, and the planned renovations of two hotels.We maintain a Neutral rating with a fair value of Bt32.25, based on a required return of 4.0%.We remain positive on the fundamentals, given the market price gap and a fair value that implies upside of +39%, alongside very limited downside risk from a tactical perspective. 

Central Plaza Hotel - In-Line 1Q25 Earnings; 2Q25E Profit to Fall YoY and QoQ