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>Despite an improving earnings outlook for 2026, several short-term headwinds will continue to weigh on the share price.</li><li>The company expects 4Q25 profit to fall QoQ due to lower sales in the low season and record-high copper prices.</li><li>Next year’s growth will rely on: i) HDI capacity expansion in 1H26 and ii) continued cost cuts through lower headcount and new production chemicals for other production lines.</li></ul>

Despite an improving earnings outlook for 2026, several short-term headwinds will continue to weigh on the share price.The company expects 4Q25 profit to fall QoQ due to lower sales in the low season and record-high copper prices.Next year’s growth will rely on: i) HDI capacity expansion in 1H26 and ii) continued cost cuts through lower headcount and new production chemicals for other production lines.

KCE Electronics Plc. (KCE): Let’s Wait And See Next Year – Neutral (12M Fwd Fair Value Bt20.00)

KCE Electronics PCL

KCE Electronics Plc. (KCE): Let’s Wait And See Next Year – Neutral (12M Fwd Fair Value Bt20.00)