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>3Q25 NP fell QoQ on shared losses from affiliates, while core profit was strong QoQ and YoY on higher gross profit at SPP / IPP fleets.</li><li>We maintain 2026 FV at Bt43.00 and upgrade to Outperform (from Neutral), supported by undervalued current valuation, steady 2Y core EPS growth, and limited tactical downside risk.</li><li>GPSC reported a Bt415mn shared loss from associates in 3Q25, mainly from CFXD (–Bt921mn) due to the low season with capacity factor down to 11%, together with forex loss and the aforementioned one-off adjustment, and from Avaada (–Bt107mn) from seasonal effects and higher depreciation and interest from new capacity.</li></ul>

3Q25 NP fell QoQ on shared losses from affiliates, while core profit was strong QoQ and YoY on higher gross profit at SPP / IPP fleets.We maintain 2026 FV at Bt43.00 and upgrade to Outperform (from Neutral), supported by undervalued current valuation, steady 2Y core EPS growth, and limited tactical downside risk.GPSC reported a Bt415mn shared loss from associates in 3Q25, mainly from CFXD (–Bt921mn) due to the low season with capacity factor down to 11%, together with forex loss and the aforementioned one-off adjustment, and from Avaada (–Bt107mn) from seasonal effects and higher depreciation and interest from new capacity.

Global Power Synergy Plc. (GPSC): 3Q25 NP Fell QoQ On Shared Losses From Affiliates