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>We expect 4Q25E core profit to grow strongly YoY on a low SSO revenue base.</li><li>We maintain an Outperform rating, with 13% upside to our FV of Bt1.78 based on a required return of 4.9% (previously Bt1.73 / 5.1%).</li><li>We expect 4Q25E core profit of Bt260mn, rising sharply from a low base of Bt92mn in 4Q24, driven by higher SSO reimbursement for critical illnesses (RW&gt;2) at Bt12,000 versus Bt8,000 last year.</li></ul>

We expect 4Q25E core profit to grow strongly YoY on a low SSO revenue base.We maintain an Outperform rating, with 13% upside to our FV of Bt1.78 based on a required return of 4.9% (previously Bt1.73 / 5.1%).We expect 4Q25E core profit of Bt260mn, rising sharply from a low base of Bt92mn in 4Q24, driven by higher SSO reimbursement for critical illnesses (RW&gt;2) at Bt12,000 versus Bt8,000 last year.

Chularat Hospital Plc. (CHG): 4Q25E Rebounds YoY, Momentum Extends Into 1Q26E