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 KCE to report a 2Q25E net profit of Bt221mn (-65% YoY, +23% QoQ), recovering from a low base in the previous quarter but still showing a sharp YoY decline due to the stronger baht and continued weakness in sales.</li><li>We maintain an Underperform rating on KCE, with a fair value of Bt13.50 based on a required return of 8.18%, equivalent to a P/E ratio of 13.6x (-1.5 S.D.).</li><li>We believe KCE’s share price has risen excessively relative to its future risks</li></ul>

We expect KCE to report a 2Q25E net profit of Bt221mn (-65% YoY, +23% QoQ), recovering from a low base in the previous quarter but still showing a sharp YoY decline due to the stronger baht and continued weakness in sales.We maintain an Underperform rating on KCE, with a fair value of Bt13.50 based on a required return of 8.18%, equivalent to a P/E ratio of 13.6x (-1.5 S.D.).We believe KCE’s share price has risen excessively relative to its future risks

KCE Electronics PCL

KCE Electronics - High Risk, High Return