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>2Q25 core profit was strong, and net profit rose significantly YoY and QoQ from gains on bargain purchases from business consolidation.</li><li>We maintain our 2025-27E core profit forecasts and our projection of 2Y core EPS growth at a 12% CAGR, outperforming the sector.</li><li>We also have a positive view on the current valuation with substantial upside potential from the new 12M FV of Bt64.75, based on a required return of 2.9% after lowering our house view’s MRP assumption to 5.26% (previously Bt58.00, 3.2%, and 6.83%). </li></ul>

2Q25 core profit was strong, and net profit rose significantly YoY and QoQ from gains on bargain purchases from business consolidation.We maintain our 2025-27E core profit forecasts and our projection of 2Y core EPS growth at a 12% CAGR, outperforming the sector.We also have a positive view on the current valuation with substantial upside potential from the new 12M FV of Bt64.75, based on a required return of 2.9% after lowering our house view’s MRP assumption to 5.26% (previously Bt58.00, 3.2%, and 6.83%). 

Gulf Development - Portfolio, Earnings, and Growth Potential