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>3Q25 profit fell YoY, QoQ on lower SSSG and GPM (–YoY, +QoQ), while SG&amp;A to sales rose YoY, QoQ.</li><li>9M25 profit equaled 70% of 2025E earnings forecast.</li><li>Maintain “Outperform,” as the stock offers 15% upside to our Bt7.80 FV (earnings yield method; required return 6.72%).</li></ul>

3Q25 profit fell YoY, QoQ on lower SSSG and GPM (–YoY, +QoQ), while SG&amp;A to sales rose YoY, QoQ.9M25 profit equaled 70% of 2025E earnings forecast.Maintain “Outperform,” as the stock offers 15% upside to our Bt7.80 FV (earnings yield method; required return 6.72%).

HOME PRODUCT CENTER Plc. (HMPRO): 3Q25 Profit Down YoY and QoQ; SSSG –5%

Home Product Center

HOME PRODUCT CENTER Plc. (HMPRO): 3Q25 Profit Down YoY and QoQ; SSSG –5%