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 2Q25E core profit and standout QoQ net profit growth, supported by a gain from bargain purchases.</li><li>We revise up our 2025-27E core profit forecasts by 8-9% and raise our 12M FV to Bt58.00 (from Bt53.75).</li><li>We maintain our Buy rating, reflecting our positive view on the current valuation and a 2Y core EPS CAGR of 12%, which stands out compared to peers, amid neutral tactical risk.</li></ul>

We expect strong 2Q25E core profit and standout QoQ net profit growth, supported by a gain from bargain purchases.We revise up our 2025-27E core profit forecasts by 8-9% and raise our 12M FV to Bt58.00 (from Bt53.75).We maintain our Buy rating, reflecting our positive view on the current valuation and a 2Y core EPS CAGR of 12%, which stands out compared to peers, amid neutral tactical risk.

Gulf Development - Strong 2Q25E Core Profit/Outstanding NP