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>The 2Q22 net profit was outstanding at Bt2.43bn (+35% YoY, +35% QoQ), better than expected.</li><li>Excluding FX gain of Bt421mn, the core profit amounted to Bt2.0bn in 2Q22 (+18% YoY, +14% QoQ), significantly better than expected.</li><li>The 1H22 earnings performance significantly beat the forecast; we are likely to revise up our earnings projection for TPIPL (we recommend a Buy currently) to reflect the prospects for higher-than-expected revenue.</li></ul>

The 2Q22 net profit was outstanding at Bt2.43bn (+35% YoY, +35% QoQ), better than expected.Excluding FX gain of Bt421mn, the core profit amounted to Bt2.0bn in 2Q22 (+18% YoY, +14% QoQ), significantly better than expected.The 1H22 earnings performance significantly beat the forecast; we are likely to revise up our earnings projection for TPIPL (we recommend a Buy currently) to reflect the prospects for higher-than-expected revenue.

TPI Polene

Earnings Review: TPIPL