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>Net profit and core profit in 1Q25 were in line with expectations. We maintain our 2025-27E core profit forecast and expect a 2-year core EPS CAGR of 12%, outperforming the sector.</li><li>The current valuation reflects a positive outlook, and downside risk to the share price appears limited from a tactical perspective.</li><li>We maintain our Outperform rating (FV Bt68.75).</li></ul>

Net profit and core profit in 1Q25 were in line with expectations. We maintain our 2025-27E core profit forecast and expect a 2-year core EPS CAGR of 12%, outperforming the sector.The current valuation reflects a positive outlook, and downside risk to the share price appears limited from a tactical perspective.We maintain our Outperform rating (FV Bt68.75).

Gulf Development - In-Line 1Q25 NP; Maintain Solid Earnings Outlook