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>Our forecast calls for GPSC to report a 1Q23E net profit of Bt1.03bn (+229% YoY and turning around from the net loss reported in 4Q22).</li><li>The projected 1Q23E net profit accounts for 20% of our 2023E full-year forecast, which we have left unchanged at Bt5.15bn (+478% YoY).</li><li>Therefore, we keep our current earnings projection for 2023E unchanged and maintain an Outperform rating (FV: Bt72.3/share).</li></ul>

Our forecast calls for GPSC to report a 1Q23E net profit of Bt1.03bn (+229% YoY and turning around from the net loss reported in 4Q22).The projected 1Q23E net profit accounts for 20% of our 2023E full-year forecast, which we have left unchanged at Bt5.15bn (+478% YoY).Therefore, we keep our current earnings projection for 2023E unchanged and maintain an Outperform rating (FV: Bt72.3/share).

Global Power Synergy (GPSC): Expect Earnings Improvement to Bt1.03bn NP in 1Q23