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 take a negative view on the 4Q25E outlook, with core profit expected to miss our prior estimate by 16% at Bt441mn (from Bt523mn), up 42% YoY but down 38% QoQ, driven by weaker sales and lower GPM QoQ.</li><li>1Q26E marks the low season for broiler exports, with higher feed raw material costs from late 2025 starting to pressure margins.</li><li>We downgrade to Sell (from Neutral) given 18% downside to the 12M forward FV of Bt8.00 under the earnings yield method (22.4% required return, from Bt9.70 / 19%), with limited tactical upside and 2-year profit CAGR of 3%, below the sector.</li></ul>

We take a negative view on the 4Q25E outlook, with core profit expected to miss our prior estimate by 16% at Bt441mn (from Bt523mn), up 42% YoY but down 38% QoQ, driven by weaker sales and lower GPM QoQ.1Q26E marks the low season for broiler exports, with higher feed raw material costs from late 2025 starting to pressure margins.We downgrade to Sell (from Neutral) given 18% downside to the 12M forward FV of Bt8.00 under the earnings yield method (22.4% required return, from Bt9.70 / 19%), with limited tactical upside and 2-year profit CAGR of 3%, below the sector.

GFPT Plc. (GFPT): Expect 4Q25E Earnings Up YoY But Down QoQ - Sell (FWD Fair Value Bt8.00)