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>We expect 3Q25E net profit to have risen 31% YoY (from a low base in 3Q24, when the GPM was pressured by falling steel prices) but declined 36% QoQ due to weaker SSSG.</li><li>KTX raises our fair value estimate to Bt3.50 using the earnings yield method and a required return of 6.6%, based on macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt3.04, which was based on a required return of 6.1%, Rf of 1.45%, and MRP of 5.26%.</li><li>We maintain our “Underperform” call, as valuation metrics and fundamentals still support a Sell view.</li></ul>

We expect 3Q25E net profit to have risen 31% YoY (from a low base in 3Q24, when the GPM was pressured by falling steel prices) but declined 36% QoQ due to weaker SSSG.KTX raises our fair value estimate to Bt3.50 using the earnings yield method and a required return of 6.6%, based on macro assumptions of Rf = 1.04% and MRP = 5.81%, compared with the previous fair value of Bt3.04, which was based on a required return of 6.1%, Rf of 1.45%, and MRP of 5.26%.We maintain our “Underperform” call, as valuation metrics and fundamentals still support a Sell view.

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