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

Gulf Energy Development  / Equity Bottom-Up

<ul><li>We expect strong 1Q25E core profit, and the 2025E earnings remain within our forecast range.</li><li>We maintain our 2025-27E core profit estimates and project a 2-year core EPS CAGR of 12%, outperforming the sector.</li><li>The current valuation reflects a positive outlook, with attractive upside of approximately 43% to our 12-month fair value (12M FV) of Bt68.75, while the tactical risk is limited. </li></ul>

We expect strong 1Q25E core profit, and the 2025E earnings remain within our forecast range.We maintain our 2025-27E core profit estimates and project a 2-year core EPS CAGR of 12%, outperforming the sector.The current valuation reflects a positive outlook, with attractive upside of approximately 43% to our 12-month fair value (12M FV) of Bt68.75, while the tactical risk is limited. 

Gulf Development - Expect Solid 1Q25E Earnings; 2025E Earnings Still in Line with Forecast