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>3Q25E profit is expected to have declined YoY and QoQ due to weaker SSSG. Gross margin is expected to have remained flat YoY, while operating expenses to sales likely increased.</li><li>9M25E profit is estimated to have accounted for around 70% of the full-year 2025E forecast.</li><li>KTX raises our fair value to Bt7.80, using the earnings yield method with a required return of 6.72%, based on updated macro assumptions (Rf = 1.04%, MRP = 5.81%), versus the previous fair value of Bt6.30 (8% required return; Rf = 1.45%, MRP = 5.26%).</li></ul>

3Q25E profit is expected to have declined YoY and QoQ due to weaker SSSG. Gross margin is expected to have remained flat YoY, while operating expenses to sales likely increased.9M25E profit is estimated to have accounted for around 70% of the full-year 2025E forecast.KTX raises our fair value to Bt7.80, using the earnings yield method with a required return of 6.72%, based on updated macro assumptions (Rf = 1.04%, MRP = 5.81%), versus the previous fair value of Bt6.30 (8% required return; Rf = 1.45%, MRP = 5.26%).

HOME PRODUCT CENTER Plc. (HMPRO): 3Q25E Core Profit Expected to Have Declined YoY and QoQ...

Home Product Center

HOME PRODUCT CENTER Plc. (HMPRO): 3Q25E Core Profit Expected to Have Declined YoY and QoQ...