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>3Q25 profit fell YoY and QoQ from the high 3Q24 base boosted by Digital Wallet spending.</li><li>A Buy view is maintained on current valuation, with the share price still below our Bt28.50 FV (Earnings Yield method, 4.36% required return).</li><li>3Q25 NP was Bt1.86bn (–5% YoY, –19% QoQ), 14% below forecast due to 20bps lower-than-expected GPM (B2C –40bps) and 2% higher-than-expected operating costs.</li></ul>

3Q25 profit fell YoY and QoQ from the high 3Q24 base boosted by Digital Wallet spending.A Buy view is maintained on current valuation, with the share price still below our Bt28.50 FV (Earnings Yield method, 4.36% required return).3Q25 NP was Bt1.86bn (–5% YoY, –19% QoQ), 14% below forecast due to 20bps lower-than-expected GPM (B2C –40bps) and 2% higher-than-expected operating costs.

CP AXTRA Plc. (CPAXT): 3Q25 Profit Down YoY, QoQ; To Peak In 4Q25E

CP Axtra

CP AXTRA Plc. (CPAXT): 3Q25 Profit Down YoY, QoQ; To Peak In 4Q25E