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>2Q25 core profit declined YoY and QoQ. Although 3Q25E operating performance is expected to improve QoQ on the back of stronger Chinese tourist arrivals, the ongoing hotel renovations will result in a 2-year core EPS growth of only +4%, weaker than the sector.</li><li>We raised our fair value slightly to Bt35.50, based on a required return of 3.6% following the macro adjustment of our house view’s MRP to 5.26% (previously FV at Bt32.75, a required return of 3.9%, and an MRP of 6.83%).</li><li>The company reported a 2Q25 net profit of Bt110mn. Excluding FX gains and the reversal of deferred tax expenses for the former Maldives hotel in 2Q24, core profit came to Bt105mn, down 59% YoY and 87% QoQ. The result was 35% and 17% below the market and our expectations, respectively, due to higher-than-expected tax expenses.</li></ul>

2Q25 core profit declined YoY and QoQ. Although 3Q25E operating performance is expected to improve QoQ on the back of stronger Chinese tourist arrivals, the ongoing hotel renovations will result in a 2-year core EPS growth of only +4%, weaker than the sector.We raised our fair value slightly to Bt35.50, based on a required return of 3.6% following the macro adjustment of our house view’s MRP to 5.26% (previously FV at Bt32.75, a required return of 3.9%, and an MRP of 6.83%).The company reported a 2Q25 net profit of Bt110mn. Excluding FX gains and the reversal of deferred tax expenses for the former Maldives hotel in 2Q24, core profit came to Bt105mn, down 59% YoY and 87% QoQ. The result was 35% and 17% below the market and our expectations, respectively, due to higher-than-expected tax expenses.

CENTRAL PLAZA HOTEL Plc. (CENTEL): 2Q25 Performance Declined Due To Weakness In The Maldives

Central Plaza Hotel

CENTRAL PLAZA HOTEL Plc. (CENTEL): 2Q25 Performance Declined Due To Weakness In The Maldives