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>1Q25 profit was flat YoY but grew 53% QoQ, supported by slightly positive SSSG, a QoQ recovery in the gross margin, effective control of operating expenses, and lower interest expenses.</li><li>We maintain our 2025E profit forecast.</li><li>The valuation metrics have led us to revise our tactical view from neutral to very limited downside risk.</li></ul>

1Q25 profit was flat YoY but grew 53% QoQ, supported by slightly positive SSSG, a QoQ recovery in the gross margin, effective control of operating expenses, and lower interest expenses.We maintain our 2025E profit forecast.The valuation metrics have led us to revise our tactical view from neutral to very limited downside risk.

Dohome - 1Q25 Earnings Remained Flat YoY and Grew QoQ Thanks to Sales and GPM

Dohome PCL

Dohome - 1Q25 Earnings Remained Flat YoY and Grew QoQ Thanks to Sales and GPM