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>1Q25 profit rose 7% YoY but fell 33% QoQ, in line with the trends in sales and the gross profit margin (GPM).</li><li>The result accounts for 24% of the 2025E forecast, and we maintain our estimates.</li><li>The valuation metrics support a neutral view on the current fundamentals, as the stock price now implies only 2% upside to its fair value of Bt26 (based on a required return of 4.3%). </li></ul>

1Q25 profit rose 7% YoY but fell 33% QoQ, in line with the trends in sales and the gross profit margin (GPM).The result accounts for 24% of the 2025E forecast, and we maintain our estimates.The valuation metrics support a neutral view on the current fundamentals, as the stock price now implies only 2% upside to its fair value of Bt26 (based on a required return of 4.3%). 

CP Axtra - 1Q25 Earnings Increased YoY but Fell QoQ, as Projected