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 cut our 2025 earnings forecast for KCE by 23% to Bt901mn (-43% YoY) due to: i) a weaker-than-expected 2Q25 performance, and ii) our house view’s revised baht assumption from 33.00/USD to 32.57/USD.</li><li>Our strategy team expects that rising economic risks in the US will put downward pressure on the US dollar, leading to a long-term weakening trend.</li><li>Taking all factors into account, we cut our 2025-2026E earnings forecasts by 23% and 17% to Bt901mn (-43% YoY) and Bt1,074mn (+19% YoY), respectively, with 2025E profit set to be the lowest in six years.</li></ul>

We cut our 2025 earnings forecast for KCE by 23% to Bt901mn (-43% YoY) due to: i) a weaker-than-expected 2Q25 performance, and ii) our house view’s revised baht assumption from 33.00/USD to 32.57/USD.Our strategy team expects that rising economic risks in the US will put downward pressure on the US dollar, leading to a long-term weakening trend.Taking all factors into account, we cut our 2025-2026E earnings forecasts by 23% and 17% to Bt901mn (-43% YoY) and Bt1,074mn (+19% YoY), respectively, with 2025E profit set to be the lowest in six years.

KCE ELECTRONICS Plc. (KCE): Strong Baht Outlook Will Put Pressure On Earnings

KCE Electronics PCL

KCE ELECTRONICS Plc. (KCE): Strong Baht Outlook Will Put Pressure On Earnings