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>Core profit and net profit in 2Q25E are expected to have been strong, and 2025E core profit is likely to meet the target, with our key assumptions remaining within the forecast range.</li><li>We maintain our 2025-27E core profit estimates, with 2-year core EPS expected to grow at a 5% CAGR (in line with the sector), reflecting a downward trend in the Ft rate due to policy-level risks related to government electricity subsidies.</li><li>We maintain our 12-month fair value at Bt33.00 and upgrade our rating to Outperform (previously Neutral), based on the current share price offering upside potential, 2-year core EPS growth being in line with peers, and neutral tactical risk.</li></ul>

Core profit and net profit in 2Q25E are expected to have been strong, and 2025E core profit is likely to meet the target, with our key assumptions remaining within the forecast range.We maintain our 2025-27E core profit estimates, with 2-year core EPS expected to grow at a 5% CAGR (in line with the sector), reflecting a downward trend in the Ft rate due to policy-level risks related to government electricity subsidies.We maintain our 12-month fair value at Bt33.00 and upgrade our rating to Outperform (previously Neutral), based on the current share price offering upside potential, 2-year core EPS growth being in line with peers, and neutral tactical risk.

Global Power Synergy - Strong 2Q25E Core Profit and NP