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 expect strong 2Q26E core profit growth both YoY and QoQ, driven by GHECO-One (higher availability payments and lower coal inventory losses) and lower interest expense.</li><li>Our 2026E core profit forecast remains intact, while we expect a 2-year core EPS CAGR of 14%, outperforming the sector.</li><li>We maintain Outperform rating, with 12M fair value of Bt52.50 and a 2027 fair value of Bt58.25.</li></ul>

We expect strong 2Q26E core profit growth both YoY and QoQ, driven by GHECO-One (higher availability payments and lower coal inventory losses) and lower interest expense.Our 2026E core profit forecast remains intact, while we expect a 2-year core EPS CAGR of 14%, outperforming the sector.We maintain Outperform rating, with 12M fair value of Bt52.50 and a 2027 fair value of Bt58.25.

GLOBAL POWER SYNERGY Plc. (GPSC): Strong 2Q26E Core Profit; PDP 2026 Drives Next Growth Cycle - Outperform (12M FWD Fair Value Bt52.50)

Global Power Synergy

GLOBAL POWER SYNERGY Plc. (GPSC): Strong 2Q26E Core Profit; PDP 2026 Drives Next Growth Cycle - Outperform (12M FWD Fair Value Bt52.50)