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

Delta Electronics Thailand  / Equity Bottom-Up

<ul><li>3Q25 net profit is expected at Bt5.4bn (-13% YoY, +9% QoQ), underpinned by resilient orders despite the baht’s appreciation trend.</li><li>We maintain an Underperform rating with a new fair value of Bt130 from Bt104, after rolling over our valuation to next year using a P/E multiple of 66x (+0.5SD).</li><li>We believe 4Q25 will see continued growth, driven by orders for the new plant set to begin production at year-end.</li></ul>

3Q25 net profit is expected at Bt5.4bn (-13% YoY, +9% QoQ), underpinned by resilient orders despite the baht’s appreciation trend.We maintain an Underperform rating with a new fair value of Bt130 from Bt104, after rolling over our valuation to next year using a P/E multiple of 66x (+0.5SD).We believe 4Q25 will see continued growth, driven by orders for the new plant set to begin production at year-end.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Continued Earnings Growth, But Limited Upside