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

Thematic (Sector/Industry)

Thailand Consumer discretionary / Thematic (Sector/Industry)

<ul><li>Typically, the first quarter is the high season for DOHOME and GLOBAL.</li><li>However, due to mixed SSSG momentum in 1Q25YTD, fewer days in February, and government economic stimulus measures with a shorter duration and lower budget compared to last year (which also impacts HMPRO), the 1Q25E outlook suggests that the construction and home improvement retail sector’s profit will rebound QoQ but remain flat YoY.</li><li>We assign a Neutral investment weighting to the sector and maintain DOHOME (Buy; FV: Bt9.35) as our top pick, supported by positive SSSG in 1Q25TD QoQ and a stronger 3-year earnings CAGR of 27%, compared to 10% for GLOBAL and 5% for HMPRO.</li></ul>

Typically, the first quarter is the high season for DOHOME and GLOBAL.However, due to mixed SSSG momentum in 1Q25YTD, fewer days in February, and government economic stimulus measures with a shorter duration and lower budget compared to last year (which also impacts HMPRO), the 1Q25E outlook suggests that the construction and home improvement retail sector’s profit will rebound QoQ but remain flat YoY.We assign a Neutral investment weighting to the sector and maintain DOHOME (Buy; FV: Bt9.35) as our top pick, supported by positive SSSG in 1Q25TD QoQ and a stronger 3-year earnings CAGR of 27%, compared to 10% for GLOBAL and 5% for HMPRO.

Commerce _Home Improvement - MARCH 11, 2025