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>Core profit in 2Q25E is expected to decline by 27% YoY and 43% QoQ, pressured by weaker SSSG and a higher operating expenses-to-sales ratio, which outweigh the positive effects of a recovering gross margin and lower interest expenses.</li><li>The 2025E earnings forecast is maintained (-14% YoY), with core profit expected to remain flat over the next three years.</li><li>The rating is downgraded to Underperform (previously Neutral) as the valuation metrics now reflect a sell view on the current fundamentals (previously neutral) and a neutral tactical view (previously very limited downside risk).</li></ul>

Core profit in 2Q25E is expected to decline by 27% YoY and 43% QoQ, pressured by weaker SSSG and a higher operating expenses-to-sales ratio, which outweigh the positive effects of a recovering gross margin and lower interest expenses.The 2025E earnings forecast is maintained (-14% YoY), with core profit expected to remain flat over the next three years.The rating is downgraded to Underperform (previously Neutral) as the valuation metrics now reflect a sell view on the current fundamentals (previously neutral) and a neutral tactical view (previously very limited downside risk).

Dohome - 2Q25E Earnings to Fall YoY and QoQ; 3Q the Low Season

Dohome PCL

Dohome - 2Q25E Earnings to Fall YoY and QoQ; 3Q the Low Season