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>Despite higher 3Q26E sales YoY, lower GPM should limit profit growth to 12% YoY, with a 63% QoQ decline.</li><li>Rolling forward the ERP estimation period, using 2027E earnings and updating macro assumptions (Rf: 2.39%; MRP: 4.43%) yield a revised 12M FV of Bt3.56 at a 6.7% required return (previously Bt3.32/6.4%).</li><li>We upgrade our rating to Neutral from Sell as the share price has fallen close to the revised 12M forward FV.</li></ul>

Despite higher 3Q26E sales YoY, lower GPM should limit profit growth to 12% YoY, with a 63% QoQ decline.Rolling forward the ERP estimation period, using 2027E earnings and updating macro assumptions (Rf: 2.39%; MRP: 4.43%) yield a revised 12M FV of Bt3.56 at a 6.7% required return (previously Bt3.32/6.4%).We upgrade our rating to Neutral from Sell as the share price has fallen close to the revised 12M forward FV.

DOHOME Plc. 3Q26E Profit +12% YoY, -63% QoQ; GPM Down YoY/QoQ

Dohome

DOHOME Plc. 3Q26E Profit +12% YoY, -63% QoQ; GPM Down YoY/QoQ