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>4Q24 net profit exceeded expectations due to one-time insurance compensation, while full-year 2024 net profit recovered YoY, supported by a stronger contribution from the SPP fleet.</li><li>However, risks from the government's electricity subsidy policy have led us to revise down our 2025-26E net profit forecasts and adjust the fair value to Bt43.41 (previously Bt49.0).</li><li>We maintain our Outperform rating, with a positive view on the current valuation alongside limited tactical risks. </li></ul>

4Q24 net profit exceeded expectations due to one-time insurance compensation, while full-year 2024 net profit recovered YoY, supported by a stronger contribution from the SPP fleet.However, risks from the government's electricity subsidy policy have led us to revise down our 2025-26E net profit forecasts and adjust the fair value to Bt43.41 (previously Bt49.0).We maintain our Outperform rating, with a positive view on the current valuation alongside limited tactical risks. 

Global Power Synergy - Upbeat 4Q24 Earnings Due to One-Time Item