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>We expect 3Q25E core and net profit to fall QoQ but rise YoY, with 2025E core profit on track as key assumptions stay intact. We maintain our 2025–27E forecast, implying a 2Y core EPS CAGR of +8%.</li><li>We maintain 2026E FV at Bt43.00 but downgrade to “Neutral” (from “Outperform”) as the share price nears full value. 2Y core EPS growth is solid. Tactical downside risk is limited.</li><li>We estimate 3Q25E net profit at Bt1.7bn (–15% QoQ, +122% YoY), including a Bt750mn gain from selling a 3.03% stake in Avaada, a Bt216mn forex loss, and a Bt150mn one-time negative adjustment at Taiwan’s CFXD wind plant from revised depreciation life and tax expenses.</li></ul>

We expect 3Q25E core and net profit to fall QoQ but rise YoY, with 2025E core profit on track as key assumptions stay intact. We maintain our 2025–27E forecast, implying a 2Y core EPS CAGR of +8%.We maintain 2026E FV at Bt43.00 but downgrade to “Neutral” (from “Outperform”) as the share price nears full value. 2Y core EPS growth is solid. Tactical downside risk is limited.We estimate 3Q25E net profit at Bt1.7bn (–15% QoQ, +122% YoY), including a Bt750mn gain from selling a 3.03% stake in Avaada, a Bt216mn forex loss, and a Bt150mn one-time negative adjustment at Taiwan’s CFXD wind plant from revised depreciation life and tax expenses.

GLOBAL POWER SYNERGY Plc. (GPSC): 3Q25E Profit Expected to Decline QoQ...