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>3Q25 NP was Bt102mn (+32% YoY from higher GPM and lower operating and tax expenses, –35% QoQ on seasonal softness in sales and margin).</li><li>9M25 profit accounts for 73% of the 2025E forecast, and estimates are maintained.</li><li>We switch to Neutral (from Underperform). Valuation metrices now reflect a neutral view of fundamentals (previously Overvalued). LT growth remains above average (2Y profit +7% CAGR). Tactical view stays neutral.</li></ul>

3Q25 NP was Bt102mn (+32% YoY from higher GPM and lower operating and tax expenses, –35% QoQ on seasonal softness in sales and margin).9M25 profit accounts for 73% of the 2025E forecast, and estimates are maintained.We switch to Neutral (from Underperform). Valuation metrices now reflect a neutral view of fundamentals (previously Overvalued). LT growth remains above average (2Y profit +7% CAGR). Tactical view stays neutral.

DOHOME Plc. (DOHOME): 3Q25 NP Up 32% YoY But Down 35% QoQ

Dohome PCL

DOHOME Plc. (DOHOME): 3Q25 NP Up 32% YoY But Down 35% QoQ