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>2Q25E profit from the convenience store (CVS) business is expected to grow YoY, but decline QoQ due to an anticipated slowdown in SSSG and a YoY increase in the GPM, which is slightly lower QoQ.</li><li>In addition, the retail and wholesale segment under CPAXT is also expected to deliver YoY profit growth, but with a seasonal QoQ decline.</li><li>Hence, CPALL’s overall profit is projected to increase by 11% YoY but decline by 10% QoQ.</li></ul>

2Q25E profit from the convenience store (CVS) business is expected to grow YoY, but decline QoQ due to an anticipated slowdown in SSSG and a YoY increase in the GPM, which is slightly lower QoQ.In addition, the retail and wholesale segment under CPAXT is also expected to deliver YoY profit growth, but with a seasonal QoQ decline.Hence, CPALL’s overall profit is projected to increase by 11% YoY but decline by 10% QoQ.

CP ALL - 2Q25E Core Profit to Grow 11% YoY but Fall 10% QoQ

CP ALL PCL

CP ALL - 2Q25E Core Profit to Grow 11% YoY but Fall 10% QoQ