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>4Q25 and 2025 earnings missed estimates due to weakerthan-expected GPM.</li><li>We maintain our Underperform call, as the latest share price implies 27% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (from 6.6%).</li><li>4Q25 profit fell 40% YoY and 6% QoQ, driven by: i) sales of Bt7bn (-8% YoY, +4% QoQ) with SSSG -10% (in-store -8%, contractors -12%) due to unfavorable weather, border issues (Ubon Ratchathani, Buri Ram, Surin) and weak demand; ii) GPM at 16.2% (-40bps YoY, -150bps QoQ) from lower supplier rebates and heavier clearance discounts on obsolete inventory (doubled YoY); and iii) opex/sales rising to 14.6% (vs. 13.7% in 4Q24, 15.6% in 3Q25) from new store openings.</li></ul>

4Q25 and 2025 earnings missed estimates due to weakerthan-expected GPM.We maintain our Underperform call, as the latest share price implies 27% downside to our 12M forward FV of Bt3.06, based on a required return of 7.6% (from 6.6%).4Q25 profit fell 40% YoY and 6% QoQ, driven by: i) sales of Bt7bn (-8% YoY, +4% QoQ) with SSSG -10% (in-store -8%, contractors -12%) due to unfavorable weather, border issues (Ubon Ratchathani, Buri Ram, Surin) and weak demand; ii) GPM at 16.2% (-40bps YoY, -150bps QoQ) from lower supplier rebates and heavier clearance discounts on obsolete inventory (doubled YoY); and iii) opex/sales rising to 14.6% (vs. 13.7% in 4Q24, 15.6% in 3Q25) from new store openings.

DOHOME Plc. (DOHOME): 4Q25 Profit Down YoY And QoQ; 1Q26TD SSSG -6%

Dohome

DOHOME Plc. (DOHOME): 4Q25 Profit Down YoY And QoQ; 1Q26TD SSSG -6%