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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>1Q25 profit grew both YoY and QoQ, accounting for 33% of the 2025E forecast. However, the share price has already factored in the strong 1Q25 results.</li><li>Core profit and net profit for 2025E are also expected to retreat by 4% and 9% YoY, respectively.</li><li>According to the valuation metrics, the current fundamentals remain neutral, but the long-term outlook has been revised from poor to weak, and the tactical view has been raised to limited upside (previously very limited upside). </li></ul>

1Q25 profit grew both YoY and QoQ, accounting for 33% of the 2025E forecast. However, the share price has already factored in the strong 1Q25 results.Core profit and net profit for 2025E are also expected to retreat by 4% and 9% YoY, respectively.According to the valuation metrics, the current fundamentals remain neutral, but the long-term outlook has been revised from poor to weak, and the tactical view has been raised to limited upside (previously very limited upside). 

GFPT - 1Q25 Earnings Grew 42%YoY and 102% QoQ, 12% Better than Expected