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>3Q25 profit fell YoY due to high SSO revenue, but we expect 4Q25E to improve, supported by SSO’s Bt12,000/AdjRW reimbursement through end-2025 and rising flu cases in Oct–Nov.</li><li>We cut our 2026E FV to Bt1.73 (required return 5.1%) after updating macro assumptions (Rf=1.04%, MRP=5.81%; prior Bt1.92 / 4.6% / 1.48% / 5.26%).</li><li>3Q25 NP was Bt272mn, down 35% YoY but up 31% QoQ, in line with market expectations.</li></ul>

3Q25 profit fell YoY due to high SSO revenue, but we expect 4Q25E to improve, supported by SSO’s Bt12,000/AdjRW reimbursement through end-2025 and rising flu cases in Oct–Nov.We cut our 2026E FV to Bt1.73 (required return 5.1%) after updating macro assumptions (Rf=1.04%, MRP=5.81%; prior Bt1.92 / 4.6% / 1.48% / 5.26%).3Q25 NP was Bt272mn, down 35% YoY but up 31% QoQ, in line with market expectations.

CHULARAT HOSPITAL Plc. (CHG): 3Q25 Weak YoY; 4Q25E Recovery On A Low Base

Chularat Hospital

CHULARAT HOSPITAL Plc. (CHG): 3Q25 Weak YoY; 4Q25E Recovery On A Low Base