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>The disappointing 3Q25 core profit of Bt38mn (–38% YoY, –75% QoQ) was far below our and the market’s Bt260mn forecast, with GPM at a year low despite peak revenue.</li><li>9M25 profit is just 42% of our full-year estimate, pointing to a third year of earnings decline in 2025.</li><li>We are revisiting HANA’s forecasts, rating, and FV, as its earnings are the weakest in the sector. We advise avoiding HANA in the near term due to very high downside risk.</li></ul>

The disappointing 3Q25 core profit of Bt38mn (–38% YoY, –75% QoQ) was far below our and the market’s Bt260mn forecast, with GPM at a year low despite peak revenue.9M25 profit is just 42% of our full-year estimate, pointing to a third year of earnings decline in 2025.We are revisiting HANA’s forecasts, rating, and FV, as its earnings are the weakest in the sector. We advise avoiding HANA in the near term due to very high downside risk.

HANA MICROELECTRONICS Plc. (HANA): Very Disappointing Results...

Hana Microelectronics

HANA MICROELECTRONICS Plc. (HANA): Very Disappointing Results...