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>4Q24 and 2024 earnings grew 11% and 27% YoY, respectively, driven by same-store sales growth (SSSG) and gross margin recovery.</li><li>The core profit outlook for the next two years remains strong, with an expected CAGR of 30%, supported by SSSG turning positive at +3% and further gross margin improvement.</li><li>Based on our valuation metrics, the tactical outlook has been revised to very limited downside risk from neutral previously, while the strong long-term growth outlook is maintained.</li></ul>

4Q24 and 2024 earnings grew 11% and 27% YoY, respectively, driven by same-store sales growth (SSSG) and gross margin recovery.The core profit outlook for the next two years remains strong, with an expected CAGR of 30%, supported by SSSG turning positive at +3% and further gross margin improvement.Based on our valuation metrics, the tactical outlook has been revised to very limited downside risk from neutral previously, while the strong long-term growth outlook is maintained.

Dohome - In-Line 4Q24 and 2024 Earnings; Strong 2-Year Growth Outlook

Dohome PCL

Dohome - In-Line 4Q24 and 2024 Earnings; Strong 2-Year Growth Outlook