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>4Q25 and full-year 2025 earnings declined YoY, broadly in line with expectations, pressured by weaker SSSG and higher operating expenses from new store openings.</li><li>SSSG momentum in Jan–Feb 2026 remained negative due to the absence of the E-Receipt stimulus (which was in place in Jan–Feb 2025).</li><li>1Q26TD SSSG stands at –15–20% for HMPRO and –5% for Mega Home.</li></ul>

4Q25 and full-year 2025 earnings declined YoY, broadly in line with expectations, pressured by weaker SSSG and higher operating expenses from new store openings.SSSG momentum in Jan–Feb 2026 remained negative due to the absence of the E-Receipt stimulus (which was in place in Jan–Feb 2025).1Q26TD SSSG stands at –15–20% for HMPRO and –5% for Mega Home.

Home Product Center Plc. (HMPRO): 4Q25, 2025 Earnings In Line / 1Q26TD SSSG