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

Thematic (Sector/Industry)

Thailand Health care / Thematic (Sector/Industry)

<ul><li>The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.</li><li>Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.</li><li>In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. </li></ul>

The hospital sector’s 2Q25E earnings outlook is weak, expected to decline QoQ due to a high number of public holidays, before improving and reaching the year’s peak in 3Q25E in line with seasonal trends.Core profit is projected to grow at a 6% CAGR over the next two years, with our investment rating maintained at Neutral.In the short term, we favor social security-focused hospitals like BCH, as they are unaffected by the reversal of AdjRW&gt;2 revenue in 2Q25E. 

Health Care Services - 2Q25E Profit Expected to Decline QoQ Due to Seasonality