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 1Q26E profit at Bt2.38bn, down 10% YoY on lower GPM from a higher mix of low-margin dry food despite stronger sales, and down 7% QoQ as weaker sales are partly offset by GPM recovery following IT issue resolution.</li><li>We maintain a Neutral rating, with 10% upside to Bt17.20 (5.6% required return) and a neutral tactical outlook.</li><li>Earnings are expected to grow at a 5% CAGR over the next two years, below the sector average of 8%.</li></ul>

We expect 1Q26E profit at Bt2.38bn, down 10% YoY on lower GPM from a higher mix of low-margin dry food despite stronger sales, and down 7% QoQ as weaker sales are partly offset by GPM recovery following IT issue resolution.We maintain a Neutral rating, with 10% upside to Bt17.20 (5.6% required return) and a neutral tactical outlook.Earnings are expected to grow at a 5% CAGR over the next two years, below the sector average of 8%.

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CP Axtra

CP AXTRA Plc. (CPAXT): 1Q26E Profit Expected To Decline 10% YoY and 7% QoQ