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>FY25 core profit grew 27% YoY to Bt23bn.</li><li>However, DELTA’s P/E has rebounded to 100x, again exceeding the 85x threshold—levels it has historically failed to sustain for more than two months.</li><li>With 4Q25 results in line with market expectations, we believe the share price should remain elevated in the near term, as investors may be willing to re-rate DELTA at a premium again.</li></ul>

FY25 core profit grew 27% YoY to Bt23bn.However, DELTA’s P/E has rebounded to 100x, again exceeding the 85x threshold—levels it has historically failed to sustain for more than two months.With 4Q25 results in line with market expectations, we believe the share price should remain elevated in the near term, as investors may be willing to re-rate DELTA at a premium again.

Delta Electronics (Thailand) Plc. (DELTA): In-Line Earnings, But P/E Overheated Again