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>We expect 2Q26E net profit to increase 10% YoY and 9% QoQ, driven by stronger SSSG and an improved GPM.</li><li>We have revised down our 2026-28E core earnings forecasts by 5% per year to reflect weaker-than-expected sales in 1H26.</li><li>We downgrade the stock to Underperform from Neutral, as the current share price implies 4% downside to our revised FV.</li></ul>

We expect 2Q26E net profit to increase 10% YoY and 9% QoQ, driven by stronger SSSG and an improved GPM.We have revised down our 2026-28E core earnings forecasts by 5% per year to reflect weaker-than-expected sales in 1H26.We downgrade the stock to Underperform from Neutral, as the current share price implies 4% downside to our revised FV.

HOME PRODUCT CENTER Plc. (HMPRO): 2Q26E Profit Up YoY/QoQ; 2026–28E Earnings Cut - Underperform (12M FWD Fair Value Bt6.30)

Home Product Center

HOME PRODUCT CENTER Plc. (HMPRO): 2Q26E Profit Up YoY/QoQ; 2026–28E Earnings Cut - Underperform (12M FWD Fair Value Bt6.30)