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’s 3Q25 net profit is estimated at Bt276mn (–28% YoY, +57% QoQ), with the expected YoY drop due to i) a stronger baht and ii) higher copper prices.</li><li>4Q25 should be similar to 3Q25 as it is the low season, and the company may temporarily shut down factories at year-end as before, reflecting a still-weak outlook.</li><li>We maintain a negative view on Thailand’s electronics sector, including KCE, as our strategy team expects the baht to gain further by 7% and 9% from prior assumptions to 29.3 and 28.6 per USD in 2026 and 2027, respectively.</li></ul>

KCE’s 3Q25 net profit is estimated at Bt276mn (–28% YoY, +57% QoQ), with the expected YoY drop due to i) a stronger baht and ii) higher copper prices.4Q25 should be similar to 3Q25 as it is the low season, and the company may temporarily shut down factories at year-end as before, reflecting a still-weak outlook.We maintain a negative view on Thailand’s electronics sector, including KCE, as our strategy team expects the baht to gain further by 7% and 9% from prior assumptions to 29.3 and 28.6 per USD in 2026 and 2027, respectively.

KCE ELECTRONICS Plc. (KCE): Still Fully Valued Despite Earnings Rebound

KCE Electronics PCL

KCE ELECTRONICS Plc. (KCE): Still Fully Valued Despite Earnings Rebound