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

<ul><li>Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.</li><li>We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.</li><li>In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.</li></ul>

Core profit grew strongly in 4Q25/2025, driven by higher contributions from ADVANC and the power portfolio.We still favor GULF for its integrated portfolio (power, gas, infrastructure, digital), ecosystem synergy (KBANK stake increased to 10%), strong customer data platform linking energy–digital–virtual banking, and data center expansion.In 2025, core profit rose to Bt28.8bn (+33% YoY), driven by 1) a 40% YoY increase in associate contributions (ADVANC, HKP, Jackson); 2) c.Bt1.19bn dividend income from KBANK; 3) full-year earnings from GPD Units 3–4 and added contributions from solar/solar BESS (COD: late 2024–25); and 4) LNG import gains.

Bright Kindle Resources & Investments (BKR PM)

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...

Gulf Development

GULF DEVELOPMENT Plc. (GULF): 4Q25 NP Beat; Core In Line — Strong Portfolio...