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 4Q25 profit of Bt233mn (-8% YoY, -16% QoQ), reflecting weakness driven by baht appreciation.</li><li>We cut our 2026E profit forecast by 5% to Bt1,036mn (+21% YoY), based on our strategy team’s view of baht strength; our estimate is 17% below consensus.</li><li>Based on data from the past four years, KCE’s share price has declined in 1Q each year. We believe the stock may again face weakness in 1Q26 amid multiple risk factors.</li></ul>

We expect 4Q25 profit of Bt233mn (-8% YoY, -16% QoQ), reflecting weakness driven by baht appreciation.We cut our 2026E profit forecast by 5% to Bt1,036mn (+21% YoY), based on our strategy team’s view of baht strength; our estimate is 17% below consensus.Based on data from the past four years, KCE’s share price has declined in 1Q each year. We believe the stock may again face weakness in 1Q26 amid multiple risk factors.

KCE ELECTRONICS Plc. (KCE): Elevated Risks – Neutral (Current Fair Value Bt18.00)

KCE Electronics

KCE ELECTRONICS Plc. (KCE): Elevated Risks – Neutral (Current Fair Value Bt18.00)