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>HANA reported a net profit of Bt478mn (+53% YoY), driven by one-off items. Excluding these, the core profit marked at Bt88mn (-75% YoY), which is significantly below the market’s expectation of Bt202mn.</li><li>The GPM rose to 10.1% from 5.3% in 4Q24, which we believe was mainly due to inventory revaluation.</li><li>We continue to view HANA’s short-term outlook as weak, as there are still no signs of recovery in the industry.</li></ul>

HANA reported a net profit of Bt478mn (+53% YoY), driven by one-off items. Excluding these, the core profit marked at Bt88mn (-75% YoY), which is significantly below the market’s expectation of Bt202mn.The GPM rose to 10.1% from 5.3% in 4Q24, which we believe was mainly due to inventory revaluation.We continue to view HANA’s short-term outlook as weak, as there are still no signs of recovery in the industry.

Hana Microelectronics - Growth Driven by One-Off Gains; Core Business Still Weak