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 2Q26E earnings to increase YoY, supported by stronger convenience store (CVS) sales and gross margin, but decline QoQ due to seasonal factors and the impact of the Thai Chuay Thai Plus program.</li><li>We also expect CPAXT's earnings to weaken both YoY and QoQ.</li><li>If our 2Q26E forecast is achieved, 1H26E core profit will increase 11% YoY, accounting for 52% of our full-year 2026E forecast.</li></ul>

We expect 2Q26E earnings to increase YoY, supported by stronger convenience store (CVS) sales and gross margin, but decline QoQ due to seasonal factors and the impact of the Thai Chuay Thai Plus program.We also expect CPAXT's earnings to weaken both YoY and QoQ.If our 2Q26E forecast is achieved, 1H26E core profit will increase 11% YoY, accounting for 52% of our full-year 2026E forecast.

CP ALL Plc. (CPALL): 2Q26E Earnings Expected to Rise 4% YoY but Decline 18% QoQ - Outperform (12M FWD Fair Value Bt47.00)