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

Global Power Synergy Company Ltd / Equity Bottom-Up

Global Power Synergy Company Ltd (GPSC TB)

<ul><li>4Q24E core profit remains in line with expectations, and the 2024E core profit is projected to have recovered YoY, driven by the SPP fleet.</li><li>We maintain our 2025-26E earnings forecasts and expect 2-year core EPS growth at a 14% CAGR, supported by stronger profit contributions from the Xayaburi, CFXD, and Avaada projects.</li><li>The government’s policy to subsidize electricity costs may pose downside risk to our profit estimates, while the growing demand for green power could positively support the expansion of the renewable energy (RE) portfolio.</li></ul>

4Q24E core profit remains in line with expectations, and the 2024E core profit is projected to have recovered YoY, driven by the SPP fleet.We maintain our 2025-26E earnings forecasts and expect 2-year core EPS growth at a 14% CAGR, supported by stronger profit contributions from the Xayaburi, CFXD, and Avaada projects.The government’s policy to subsidize electricity costs may pose downside risk to our profit estimates, while the growing demand for green power could positively support the expansion of the renewable energy (RE) portfolio.

Global Power Synergy - Expect Earnings Rebound