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 core profit is projected at Bt2.4bn, up 8% YoY but down 11% QoQ, in line with the expected trends in sales and the GPM.</li><li>The valuation metrics continue to support a buy recommendation based on the current fundamentals, with very limited tactical downside risk.</li><li>The share price implies 15% upside to the newly revised fair value. </li></ul>

2Q25E core profit is projected at Bt2.4bn, up 8% YoY but down 11% QoQ, in line with the expected trends in sales and the GPM.The valuation metrics continue to support a buy recommendation based on the current fundamentals, with very limited tactical downside risk.The share price implies 15% upside to the newly revised fair value. 

CP Axtra - 2Q25E Earnings Expected to Incease 8% YoY but Decrease 11% QoQ