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>KCE reported a 1Q25 core profit of Bt180mn (-57% YoY, -29% QoQ), the lowest in five years and 38% below market expectations, due to the lowest gross profit margin (GPM) in 14 years.</li><li>In the near term, we believe the significantly weaker-than-expected performance may put pressure on the share price over the next two weeks.</li><li>We are currently reviewing our earnings projection, rating, and target price for KCE.</li></ul>

KCE reported a 1Q25 core profit of Bt180mn (-57% YoY, -29% QoQ), the lowest in five years and 38% below market expectations, due to the lowest gross profit margin (GPM) in 14 years.In the near term, we believe the significantly weaker-than-expected performance may put pressure on the share price over the next two weeks.We are currently reviewing our earnings projection, rating, and target price for KCE.

KCE Electronics PCL

KCE Electronics - GPM Marks 14-Year-Low