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>1Q25 core profit was better than expected (driven by a higher- than-expected GPM and lower-than-expected fixed costs), accounting for 27% of the full-year forecast.</li><li>The key factors remain within the projected range.</li><li>We maintain our 2025-27E core profit forecasts, expecting a 2-year core EPS CAGR of 4.6% (in line with the sector), reflecting downside risk from a declining Ft rate amid the possibility of a government policy- driven electricity price cut.</li></ul>

1Q25 core profit was better than expected (driven by a higher- than-expected GPM and lower-than-expected fixed costs), accounting for 27% of the full-year forecast.The key factors remain within the projected range.We maintain our 2025-27E core profit forecasts, expecting a 2-year core EPS CAGR of 4.6% (in line with the sector), reflecting downside risk from a declining Ft rate amid the possibility of a government policy- driven electricity price cut.

Global Power Synergy - Upbeat 1Q25 Earnings; Key Factors Still Within Forecast