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>The SG&amp;A-to-sales ratio rose to 14.3% from 12.6%, as higher PE revenue increased royalty payments to the parent firm.</li><li>DELTA posted a net profit of Bt7.4bn, including about Bt1bn in compensation from a commercial contract dispute. We believe DELTA’s true core profit was no more than Bt5.8bn, roughly in line with the market’s estimate but down YoY due to the impact of the global minimum tax.</li><li>GPM hit a record 28.4%, boosted by high-margin PE products. Excluding the inventory write-back of at least Bt600mn, GPM would be around 27%, still showing strong improvement.</li></ul>

The SG&amp;A-to-sales ratio rose to 14.3% from 12.6%, as higher PE revenue increased royalty payments to the parent firm.DELTA posted a net profit of Bt7.4bn, including about Bt1bn in compensation from a commercial contract dispute. We believe DELTA’s true core profit was no more than Bt5.8bn, roughly in line with the market’s estimate but down YoY due to the impact of the global minimum tax.GPM hit a record 28.4%, boosted by high-margin PE products. Excluding the inventory write-back of at least Bt600mn, GPM would be around 27%, still showing strong improvement.

DELTA ELECTRONICS (THAILAND) Plc. (DELTA): Earnings Jumped On One-Off Gains